Question: On May 3 Zirbal Corporation purchased 4 000 shares of its
On May 3, Zirbal Corporation purchased 4,000 shares of its own stock for $ 36,000 cash. On November 4, Zirbal reissued 850 shares of this treasury stock for $ 8,500. Prepare the May 3 and November 4 journal entries to record Zirbal’s purchase and reissuance of treasury stock.
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