Cornerstone Exercise 10-27 (Algorithmic) Accounting for Share Repurchase and Cancellation On January 3, 2022, Tommyboy Corporation repurchases and cancels 11,300 shares of its outstanding common shares for $26 per share. These shares were originally issued for $28 per share. Required: 1. Prepare the journal entry to record this transaction. For a compound transaction, for those boxes in which no entry is required, leave the box blank. 2022, Jan. 3 (Record purchase and cancellation of common shares) 2. How will this transaction affect Tommyboy's 2022 statement of earnings? The income statement is by repurchase transactions because the income statement is