During 2014 the following selected transactions affecting stockholders equity occurred for Orlando Corporation: Apr. 1 Purchased in

Question:

During 2014 the following selected transactions affecting stockholders’ equity occurred for Orlando Corporation:
Apr. 1 Purchased in the market 200 shares of the company’s own at $20 per share.
b. Jun. 14 Sold 40 shares of treasury stock for $25 cash per share.
c. Sept. 1 Sold 30 shares of treasury stock for $15 cash per share.

Required:
1. Give journal entries for each of these transactions.
2. Describe the impact, if any, that these transactions have on the income statement.

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on...