On Jamuary 3, 2019, Tommyboy Corporation repurchases 250,000 shares of its outstanding common stock for $18 per share. On May 1, 2019, Tomnayboy sells 80,500 thares of teasury stock for $12 per share, On October 1,2019 , Tommyboy sells 40,000 shares of its treasury stock for $31 per share. Required: 1. Prepare the jourmal entries to record these transsctions. 2019 Jan. 3 (Recond reissue of treasury shares) 2. How will these transactions anfect Tommybay's 2019 inconte statement? The apcome statensent is by treasory stock trpisactions bechuse the inkome stotemint On lanuary 3, 2019, Tommyboy Corporation repurchases 250,000 shares of its outstanding common stock for $18 per share. On May 1, 2019, Tommyboy sells 80,500 shares of treastry stock for $12 per share. On October 1, 2019, Tommyboy sells 40,000 shares of its treasury stock for $31 per share. Required 1. Prepare the journal entries to record these transactions. 2019 ]ut. 3 (Record purchase of treasury shares) (Record reissue of treasury shares) Qct: 1 (Record reissue of treasury shares) 2. How will these transactians affect Tommyboy's 2019 income statement? the iscome statement is bytressury stock transactions becalise the incomeistatemeot Winciodes busness and awners trahsactionis is reberved for transactiont with manowniris