Novak Corporation

NovakCorporation has739,000shares outstanding. The shares have an average cost of $44per share. On September 5, 2020, the company repurchases1,550of its own shares at $80per share and does not cancel them. The shares are classified as treasury shares. On November 20, 2020, the company resells1,000of the treasury shares at $52per share.

Prepare the journal entries for the repurchase and subsequent sale of the treasury shares.