Question
Mystic Lake Inc. bottles and distributes spring water. On July 9 of the current year, Mystic Lake reacquired 5,800 shares of its common stock at
Mystic Lake Inc. bottles and distributes spring water. On July 9 of the current year, Mystic Lake reacquired 5,800 shares of its common stock at $70 per share. On September 22, Mystic Lake sold 4,100 of the reacquired shares at $78 per share. The remaining 1,700 shares were sold at $66 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 b9ab5efadfd4f9c_2 | ||
fill in the blank b9ab5efadfd4f9c_4 | |||
Sept. 22 | fill in the blank b9ab5efadfd4f9c_6 | fill in the blank b9ab5efadfd4f9c_7 | |
fill in the blank b9ab5efadfd4f9c_9 | fill in the blank b9ab5efadfd4f9c_10 | ||
fill in the blank b9ab5efadfd4f9c_12 | fill in the blank b9ab5efadfd4f9c_13 | ||
Nov. 23 | fill in the blank b9ab5efadfd4f9c_15 | fill in the blank b9ab5efadfd4f9c_16 | |
fill in the blank b9ab5efadfd4f9c_18 | fill in the blank b9ab5efadfd4f9c_19 | ||
fill in the blank b9ab5efadfd4f9c_21 | fill in the blank b9ab5efadfd4f9c_22 |
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 518e8fffaff1068_1
c. For what reasons might Mystic Lake Inc. have purchased the treasury stock?
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