On May $3,$ Zirbal Corporation purchased $7,500$ shares of its own stock for $$67,500$ cash. On November $4,$ Zirbal reissued $1,650$ shares

of this treasury stock for $$16,500.$

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

Journal entry worksheet

Record the purchase of $7,500$ shares of its own stock for $$67,500$ cash.

Note: Enter debits before credits.