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On January 1, 2019, Tommyboy Corporation repurchases 11,100 shares of its outstanding common stock for $26 per share on May 1, 2019, Tommyboy sells 9,500

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On January 1, 2019, Tommyboy Corporation repurchases 11,100 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 Treasury Stock Cash (Record purchase of treasury shares) May 1 Cash Retained Earnings Treasury Stock (Record reissue of treasury shares) III III 1 III III Oct. 1 Cash Additional Pald-In Capital-Treasury Stock Treasury Stock (Record reissue of treasury shares)

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