On January 3, 2019, Tommyboy Corporation repurchases 250,000 shares of its outstanding common stock for $18 per share. On May 1, 2019, Tommyboy sells 80,500 shares of treasury stock for $12 per share. On October 1, 2019, Tommyboy sells 40,000 shares of its treasury stock for $31 per share.
Required:
1. Prepare the journal entries to record these transactions.
2. How will these transactions affect Tommyboy's 2019 income statement?