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Mystic Lake Inc. bottles and distributes spring water. On July 9 of the current year, Mystic Lake reacquired 5,700 shares of its common stock
Mystic Lake Inc. bottles and distributes spring water. On July 9 of the current year, Mystic Lake reacquired 5,700 shares of its common stock at $78 per share. On September 22, Mystic Lake sold 4,000 of the reacquired shares at $84 per share. The remaining 1,700 shares were sold at $74 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 Treasury Stock Cash 444,600 444,600 Sept. 22 Cash Treasury Stock Paid-In Capital from Sale of Treasury Stock 336,000 312,000 24,000 Nov. 23 Cash 125,800 Paid-In Capital from Sale of Treasury Stock Treasury Stock 125,800 X Feedback Check My Work b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year? 24,000 X Credit
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a Journal Entries July 9 Treasury Stock Debit 444600 Cash Credit 444600 September 22 Cash Debit 33...Get Instant Access to Expert-Tailored Solutions
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