On May 3, Zirbal Corporation purchased 6,000 shares of its own stock for $66,000 cash. On November 4, Zirbal reissued 950 shares of this treasury stock for $11,400. Prepare the May 3 and November 4 journal entries to record Zirbals purchase and reissuance of treasury stock.

Record the purchase of 6000 shares of its own stock for $66,000 cash.

Record the reissue of 950 shares of this treasury stock for $11,400