During 2014 the following selected transactions affecting stockholders equity occurred for Orlando Corporation:

1. April 1 Purchased in the market 400 shares of the companys own common stock at $40per share.
2. June 14 Sold 80 shares of treasure stock for $50 cash per share.
3. Sept. 1 Sold 60 shares of treasure stock for $30 cash per share.

Required:

1. Give journal entries for each of these transactions.
2. Describe the impact, if any, that these transactions have on the income statement.