On May 3, Viral Corporation purchased 4,500 shares of its own stock for $31,500 cash. On November 4, Zirbal reissued 1,350 shares of this treasury stock for $10,800. Prepare the May 3 and November 4 journal entries to record Zirbals purchase and reissuance of treasury stock

1.Record the purchase of 4,500 shares of its own stock for $31,500 cash.

2.Record the reissue of 1,350 shares of this treasury stock for $10,800.