Obj. $5$ Mystic Lake Inc. bottles and distributes spring water. On July $9$ of the current year, Mystic Lake reacquired $60,000$ shares of its common stock at $$42$ per share. On September $22,$ Mystic Lake sold $45,000$ of the reacquired shares at $$51$ per share. The remaining $15,000$ shares were sold at $$40$ per share on November $23.$

a$.$ Journalize the transactions of July $9,$ September $22,$ and November $23.$

b$.$ 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?