In 2020, Sage Co. issued 320,000 of its 500,000 authorized shares of $10 par value common stock at $35 per share. In January, 2021, Sage repurchased 29,000 shares at $31 per share. Assume these are the only stock transactions the company has ever had.

Prepare the journal entry to record the purchase of treasury stock by the cost method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

12,500 shares of treasury stock are reissued at $33 per share. Prepare the journal entry to record the reissuance by the cost method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)