Question: During 2011 the following selected transactions affecting stockholders equity occurred for Orlando Corporation: a. Apr. 1 Purchased in the market 200 shares of the companys

During 2011 the following selected transactions affecting stockholders’ equity occurred for Orlando Corporation:

a. Apr. 1 Purchased in the market 200 shares of the company’s own common stock 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.


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