On May 3, Zirbal Corporation purchased 3,000 shares of its own stock for $30,000 cash. On November 4, Zirbal reissued 1,200 shares of this treasury stock for $13,200.

Prepare the May 3 and November 4 journal entries to record Zirbals purchase and reissuance of treasury stock.

• Record the purchase of 3,000 shares of its own stock for $30,000 cash.

• Record the reissue of 1,200 shares of this treasury stock for $13,200.