Hanover Corporation has 750,000 shares outstanding. The shares have an average cost of $45 per share. On September 5, the company repurchases 1,500 of its own shares at $75 per share and does not cancel them. The shares are classified as treasury shares. On November 20, 2012, the company resells 1,000 of the treasury shares at $80 per share.
Prepare the journal entries for the repurchase and subsequent sale of the treasury shares.