Treasury stock transactions Mystic Lake Inc. bottes and distributes spcing water, On July 9 of the current year, Mystic Lake reacquired 5,500 shares of its common. stock at 572 per share. On. September 22, Mystic Lake sold 3,800 of the reacquired shares at $78 per share, The remaining 1,700 shares were sold at $58 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. Tecdtis + diek ing him. The repurchase of thares, known as treasury stock, is typically recorbec using the cost method. When the treasury stock is resold, what is the company receiving? What is it giving up? Keep in mind the price pald to buy the treasury stock and the price TChea My Wuk The repurchase of shares, known as treasury stock, is typically recorded using the cost method. When the treasury stock is resold, what is the company recelving? What is it giving up? Keep in mind the price paid to buy the treasury stock and the price the shares are resold for at a later dete. b. What is the balance in Paid-ln Capital from Sale of Treasury Stock on December 31 of the current year? c. For what reasons might Mystic Lake inc, have purchsied the treosury stockt Yestak Tchisim wir b. Consider what sntries might have affected the value of the paid in capital account. c. Alevinw why comparies may repurchase their stock