4 ACCOUNTING FOR TREASURY SHARES Salvador SA purchases 3,000 shares of its $50 par value ordinary shares for $180,000 cash on July 1. It will hold the shares in the treasury until resold. On November 1, the corporation sells 1,000 treasury shares for cash at $65 per share. On December 1, the corporation sells 2,000 treasury shares for cash at $53 per share. 1. What are the characteristics of the treasury shares accounts? 2. Journalize the treasury share transactions