On May 3, Zirbal Corporation purchased 8,000 shares of its own stock for $72,000 cash. On November 4, Zirbal reissued 1,150 shares of this treasury stock for $11,500.

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

1. Record the purchase of treasury stock.

2. Record the reissue of treasury stock at a price greater than its cost.