Mystic Lake Inc. bottles and distributes spring water. On July $9$ of the current year, Mystic Lake reacquired $38,700$ shares of its common stock at $$45$ per share. On September $22,$ Mystic Lake sold $33,500$ of the reacquired shares at $$48$ per share. The remaining $5,200$ shares were sold at $$44$ per share on November $23.$

Required:

a$.$ Journalize the transactions of July $9,$ September $22,$ and November $23.$

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?