Treasury Stock Transactions Mystic Lake Inc. botties 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. If an amount box does not require an entry, leave it blank, July 9 Sept. 22 III III II Nov. 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