Paris Corporation provides travel planning services for large corporations across the world. On January 23, 2019, Paris Corporation repurchases 275,000 shares of its outstanding common stock for $12 per share. On May 19, 2019, Paris sells 100,500 shares of treasury stock for $8 per share. On November 1, 2019, Paris sells 60,000 shares of its treasury stock for $27 per share.
Required:
1. Prepare the necessary journal entries to record these transactions.
2. How will these transactions affect Paris's 2019 income statement?