On May $3,$ Zirbal Corporation purchased $5,000$ shares of its own stock for $$40,000$ cash. On November $4,$ Zirbal reissued $1,400$ shares of this treasury stock for $$12,600.$

Prepare the May $3$ and November $4$ journal entries to record Zirbal's purchase and reissuance of treasury stock.

$\backslash$table$[[,$No$,$Date,General Journal,,Debit,Credit$],[i,1,$May $03,$Treasury stock,:,$40,000,],[,,$Cash,,,$40,000],[,,4,,$nin,$],[1,2,$November $04,$Cash,,. $12,600,],[,,$Treasury stock,,is$,],[,,$Paid$-$in capital, treasury stock,,,$]]$