On March 15, Chief Company acquired 20,000 shares of its own $ 2 par value common shares at a cost of $ 17 per share. Chief originally issued the shares at $ 12 per share. On July 5, Chief sold 7,000 of the shares back in the open market at a price of $ 20 per share. On October 19, Chief sold the remaining shares at a price of $ 8. Prepare the journal entries to record the acquisition and disposal of the treasury shares.