Mystic Lake Inc. bottles and distributes spring water. On July 9 of the current year, Mystic Lake reacquired 4,600 shares of its common stock at $92 per share. On September 22, Mystic Lake sold 3,200 of the reacquired shares at $99 per share. The remaining 1,400 shares were sold at $87 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 Sept. 22 Nov. 23 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? 00 000 000 Issuing Stock Professional Products Inc., a wholesaler of office products, was organized on February 5 of the current year, with an authorization of 75,000 shares of preferred 1% stock, $40 par and 750,000 shares of $20 par common stock. The following selected transactions were completed during the first year of operations: Journalize the transactions. If an amount box does not require an entry, leave it blank. Feb. 5. Issued 140,000 shares of common stock at par for cash. Feb. 5. Feb. 5. Issued 500 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Feb. 5. 88 Apr. 9. Issued 24,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $87,000, $477,000, and $108,000, respectively. Apr. 9. If an amount box does not require an entry, leave it blank. Feb. 5. Issued 140,000 shares of common stock at par for cash. Feb. 5. 88 Feb. 5. Issued 500 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Feb. 5. 188 Apr. 9. Issued 24,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $87,000, $477,000, and $108,000, respectively. Apr. 9. June 14. Issued 38,000 shares of preferred stock at $52 for cash. June 14.