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QS 11-17 (Algo) Purchase and sale of treasury stock LO P3 On May 3, Zirbal...

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QS 11-17 (Algo) Purchase and sale of treasury stock LO P3 On May 3, Zirbal Corporation purchased 5,500 shares of its own stock for $49,500 cash, On November 4, Zirbal reissued 1,450 shares of this treasury stock for $14,500. Prepare the May 3 and November 4 journal entries to record Zirbal's purchase and reissuance of treasury stock. Journal entry worksheet Record the purchase of 5,500 shares of its own stock for $49,500 cash. Note: Enter debits before credits. Journal entry worksheet Record the reissue of 1,450 shares of this treasury stock for $14,500. Note: Enter debits before credits. On December 31, Westworld Incorporated has the following equity accounts and balances. \begin{tabular}{lrr} Preferred Stock & $7,800 Retained Earnings & \\ Comnon Stock & 1,800 Paid-In Capital in Excess of Par Value, Comon Stock & 49,000 \\ Treasury Stock & 2,800 Paid-In Capital in Excess of Par Value, Preferred Stock & 39,800 \\ \hline 300 \end{tabular} Prepare the stockholders' equity section of Westworld's balance sheet. Note: Amounts to be deducted should be indicated by a minus sign

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