Boomerang, Inc. started the year with 25,000 shares of $3 par common stock outstanding. Prepare entries to record the following transactions.

Feb 1. Purchased 1,000 shares of treasury stock at $17. The treasury stock is accounted for by the cost method. There were no previous purchases of treasury shares.

Feb 15. Sold 600 shares of treasury stock at $21.

Mar 1. Sold the remaining shares of treasury stock at $16.