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On May 3, Zirbal Corporation purchased 3,000 shares of its own stock for $30,000 cash

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On May 3, Zirbal Corporation purchased 3,000 shares of its own stock for $30,000 cash. On November 4, Zirbal reissued 1,200 shares of this treasury stock for $13,200. Prepare the May 3 and November 4 journal entries to record Zirbal's purchase and reissuance of treasury stock

Record the purchase of 3,000 shares of its own stock for $30,000 cash.

Record the reissue of 1,200 shares of this treasury stock for $13,200.