My problem is set up very similarly, the only difference is the values, dates, and percentages. Help me solve this updated problem: Mystic Lake Inc. bottles and distributes spring water. On July $9$ of the current year, Mystic Lake reacquired $39,800$ shares of its common stock at $$42$ per share. On September $22,$ Mystic Lake sold $32,100$ of the reacquired shares at $$50$ per share. The remaining $7,700$ shares were sold at $$41$ per share on November $23.$

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 of Treasury Stock on December $31$ of the current year?

c$.$ For what reasons might Mystic Lake Inc. have purchased the treasury stock?CHART OF ACCOUNTS

Mystic Lake Inc.

General Ledger

ASSETS

$110$ Cash

$120$ Accounts Receivable

$131$ Notes Receivable

$132$ Interest Receivable

$141$ Inventory

$145$ Office Supplies

$151$ Prepaid Insurance

$181$ Land

$193$ Equipment

$194$ Accumulated Depreciation$-$Equipment

LIABILITIES

$210$ Accounts Payable

$221$ Notes Payable

$226$ Interest Payable

$231$ Cash Dividends Payable

$241$ Salaries Payable

$261$ Mortgage Note Payable

EQUITY

$236$ Stock Dividends Distributable

$311$ Common Stock

$312$ Paid$-$In Capital in Excess of Par$-$Common Stock

$315$ Treasury Stock

$321$ Preferred Stock

$322$ Paid$-$In Capital in Excess of Par$-$Preferred Stock

$331$ Paid$-$In Capital from Sale of Treasury Stock

$340$ Retained Earnings

$351$ Cash Dividends

$352$ Stock Dividends

REVENUE

$410$ Sales

$610$ Interest Revenue 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 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.

For reissuance to employees as a bonus according to stock purchase agreements.

The company wishes to increase the par value of its stock.

To support the market price of the stock.

To provide shares for resale to employees.

The company wishes to receive more of its own dividends.