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Journalize the transactions of july

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Question - Mystic Lake Inc. bottles and distributes spring water. On July 9 of the current year, Mystic Lake reacquired 4,800 shares of its common stock at $61 per share. On September 22, Mystic Lake sold 3,400 of the reacquired shares at $68 per share. The remaining 1,400 shares were sold at $58 per share on November 23.

Required -

a. Journalize the transactions of July 9, September 22, and November 23. If an amount box does not require an entry, leave it blank.

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?

Reference no: EM133155836

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