ACCOUNTING FOR TREASURY STOCK On January 1, 2009, Tommyboy Corporation repurchases 12,000 shares of its outstanding common stock for $26 per share. On May 1, 2009, Tommyboy sells 9,500 shares of treasury stock for $17 per share. On October 1, 2009, Tommyboy sells 1,500 shares of its treasury stock for $44 per share.

Required:
Provide the necessary journal entries to record these transactions.
Cornerstone Exercise