Mystic Lake Inc. bottles and distributes spring water. On July $9$ of the current year, Mystic Lake reacquired $7,000$ shares of its common stock at $$74$ per share. On September $22,$ Mystic Lake sold $4,900$ of the reacquired shares at $$82$ per share. The remaining $2,100$ shares were sold at $$71$ per share on November $23.$

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a$.$ Journalize the transactions of July $9,$ September $22,$ and November $23.$ If an amount box does not require an entry, leave it blank.

DateAccountDebitCredit

July $9$

Sept. $22$

Nov. $23$

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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 $1$ of $1$$

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