Accounting for Treasury Stock On January 1, 2019, Tommyboy Corporation repurchases 11,800 shares of its outstanding common stock for $26 per share. On May 1, 2019, Tommyboy sells 9,500 shares of treasury stock for $17 per share. On October 1, 2019, Tommyboy sells 1,500 shares of its treasury stock for $44 per share. Required: 1. Prepare the journal entries to record these transactions. 2019 Jan. 1 (Record purchase of treasury shares) May 1 III III I III 10 (Record reissue of treasury shares) Oct. 1 (Record reissue of treasury shares) 2. How will these transactions affect Tommyboy's 2019 income statement? The income statement is by treasury stock transactions because the income statement