On January 23, 2025, Ajax Corporation reacquired 15,000 shares of its $1 par common stock that originally was issued at $15 per share. Ajax paid $35 per share for the reacquired stock. On July 12, 2025, Ajax sold 5,000 shares of the treasury stock for $38 per share. On November 4, 2025, they sold an additional 7,000 shares at $34 per share. Ajax sold the remaining 3,000 shares of treasury stock for $30 per share on February 29, 2026.

a. Prepare the necessary journal entries assuming repurchased shares are accounted for as treasury stock. b. Prepare the necessary journal entries assuming repurchased stock is retired.