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?