Douglas Companys board of directors approves a plan to buy back shares of its common stock. Prepare journal entries for each of the following transactions. Assume that the transactions occur in the order given.

a. Douglas buys back 2,500 shares of its $1 common stock for $35 per share. b. Douglas resells 1,000 shares for $36. c. Douglas resells 500 shares for $34. d. Douglas resells 600 shares for $33.

e. Douglas resells the remaining 400 shares for $35.

e. Douglas resells the remaining 400 shares for $35.