Novak Corporation purchased $3,100$ shares of its $$10$ par value common stock for $$201,500$ on August $1.$ It will hold these shares in

the treasury until resold. On December $1,$ the corporation sold $1,860$ shares of treasury stock for cash at $$75$ per share.

Journalize the treasury stock transactions. $($List all debit entries before credit entries. Record journal entries in the order presented in the

problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.$).$

Date

Account Titles and Explanation

Debit

Credit