Mystic Lake Inc. bottles and distritbutes spring water. On July 9 of the current year, Mystic Lake r

Mystic Lake Inc. bottles and distritbutes spring water. On July 9 of the current year, Mystic Lake reacquired 60,000 shares of its common stock at $42 per share. On September 22, Mystic Lake sold 45,000 of the reacquired shares at $51 pen November 23 share. The remaining 15,000 shares were sold at $40 per share Required: a Journalize the transactions of July 9, September 22, and November 23 Refer to the Chart of Accounts for exact wording of account titles b. What is the balance in Paid-in Capital from Sale Treasury Stock on December 31 of the curent vear? c. For what reasons might Mystic Lake Inc. have purchased the treasury stock? a. Journalize the transactions of July 9, September 22, and November 23. Refer to the Chart of Accounts for exact wording of account titles. PAGE 10 ACCOUNTING EQUATION JOURNAL DATE DESCRIPTION POST, REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 3 b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year? C. For what reasons might Mystic Lake Inc. have purchased the treasury stock? Check all that apply To provide shares for resale to employees. For reissuance to employees as a bonus according to stock purchase agreements. The company wishes to increase the par value of its stock. The company wishes to receive more of its own dividends. To support the market price of the stock.

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