QS 11-17 (Algo) Purchase and sale of treasury stock LO P3 On May 3, Zirbal Corporation purchased 3,500 shares of its own stock for $38,500 cash. On November 4, Zirbal reissued 1,250 shares of this treasury stock for $15,000. Prepare the May 3 and November 4 journal entries to record Zirbal's purchase and reissuance of treasury stock. 1 Record the purchase of 3,500 shares of its own stock for $38,500 cash. 2 Record the reissue of 1,250 shares of this treasury stock for $15,000. Note : O= journal entry has been entered