Star Corporation purchased from its stockholders 5,000 shares of its own previously issued stock for $250,000. It later resold 2,000 shares for $53 per share, then 2,000 more shares for $48 per share, and finally 1,000 shares for $43 per share.

In 2017, Star Corporation had the following treasury stock transactions.

Mar. 1 Purchased 5,000 shares at $8 per share.
June 1 Sold 1,000 shares at $12 per share.
Sept. 1 Sold 2,000 shares at $10 per share.
Dec. 1 Sold 1,000 shares at $7 per share.
Instructions
As you know that treasury stocks play a significant role in lowering the public ownership. Considering your understanding, journalize the treasury stock transactions and find the total amount of Paid-in Capital from Treasury Stock at December 31, 2017. What are some other circumstances under which company can go for the purchase of treasury stock? Provide your valuable opinion.