S 11-17 (Algo) Purchase and sale of treasury stock LO P3 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 Zirbal's purchase and reissuance of treasury stock. Journal entry worksheet Record the purchase of 8,000 shares of its own stock for $72,000 cash. Note: Enter debits before credits