Mystic Lake Inc: bottles and distributes spring water. On July 9 of the current year, Mystic Lake reocquired 80,000 shares of its common stock at $44 per share. On September 22, Mystic Lake sold 55,000 of the reacquired shares at $52 per share. The remaining 25,000 shares were sold at $40 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 blank. Feeitiars y Chene My Whin The repurchase of shores, known as treasury stock, is typically recorded using the cost method. When the treasury stock is resold, what is the compony receiving? What is it giving up? Keep in mind the price paia to buy the treasury stock and the price the shares are resola for ot a later dote. b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year? x c. For what reasons might Mystic Lake Inc. have purchased the treasury stock? Feedback T Check My Wotk b. Consider what entries might have affected the value of the paid-in capital account. c. Review why companies may repurchase their stock