1. Mystic Lake Inc. bottles and distributes spring water. On July 9 of the current year, Mystic Lake reacquired 7,100 shares of its common stock at $59 per share. On September 22, Mystic Lake sold 5,000 of the reacquired shares at $65 per share. The remaining 2,100 shares were sold at $57 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.

   July 9		fill in the blank 0cd1dbffeff4050_2	fill in the blank 0cd1dbffeff4050_3
   		fill in the blank 0cd1dbffeff4050_5	fill in the blank 0cd1dbffeff4050_6
   Sept. 22		fill in the blank 0cd1dbffeff4050_8	fill in the blank 0cd1dbffeff4050_9
   		fill in the blank 0cd1dbffeff4050_11	fill in the blank 0cd1dbffeff4050_12
   		fill in the blank 0cd1dbffeff4050_14	fill in the blank 0cd1dbffeff4050_15
   Nov. 23		fill in the blank 0cd1dbffeff4050_17	fill in the blank 0cd1dbffeff4050_18
   		fill in the blank 0cd1dbffeff4050_20	fill in the blank 0cd1dbffeff4050_21
   		fill in the blank 0cd1dbffeff4050_23	fill in the blank 0cd1dbffeff4050_24

   b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year? $fill in the blank f172f1f88fb0046_1

   c. For what reasons might Mystic Lake Inc. have purchased the treasury stock?