On May 3, Zirbal Corporation purchased 7,000 shares of its own stock for $49,000 cash. On November 4, Zirbal reissued 1,050 shares of this treasury stock for $8,400. Prepare the May 3 and November 4 journal entries to record Zirbals purchase and reissuance of treasury stock.

Record the purchase of 7,000 shares of its own stock for $49,000 cash.

Record the reissue of 1,050 shares of this treasury stock for $8,400.