Arcon Ltd. had 45,000 common shares issued and outstanding that

Arcon Ltd. had 45,000 common shares issued and outstanding that had been issued for $7.50 each. On September 25, 2014, Arcon repurchased 15,000 shares at $7.80 per share to be held as treasury shares. 10,000 of these shares were reissued to employees of the company on November 14 at $3.00 per share. Record the entries on September 25 and November 14 (assuming this is the first repurchase ever recorded by Arcon).

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