ebook Show Me How Treasury Stock Transactions Mystic Lake Inc. bottles and distributes spring water. On July 9 of the current year, Mystic Lake reacquired 7,200 shares of its common stock at $86 per share. On September 22, Mystic Lake sold 5,000 of the reacquired shares at $95 per share. The remaining 2.200 shares were sold at $82 per share on November 23. a. Journalize the transactions of July 9, September 22, and November 23. If an amount box does not require an entry, leave it blarik. July 9 Treasury Stock Cash Cash Sept. 22 Treasury Stock Paid-In Capital from Sale of Treasury Stock OI IG 100 000 000 Nov. 23 Cash Paid-In Capital from Sale of Treasury Stock Treasury Stock Feedback The repurchase of shares, known as treasury stock, is typically recorded using the cost method. When the treasury stock is resold, what is the company receiving? What is it giving up? Keep in mind the price paid to buy the treasury stock and the price the shares are resold for at a later date Deck My Work Previous Next Tcheck My World The repurchase of shares, known as treasury stock, is typically recorded using the cost method. When the treasury stock is resold, what is the company receiving? What is it giving up? Keep in mind the price paid to buy the treasury stock and the price the shares are resold for at a later date. 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 1 Feedback My Wien b. Consider what entries might have affected the value of the bad in capital account c. Review why companies may repurchase their stock