Treasury Stock Transactions Mystic Lake Inc. bottles and distributes spring water. On July 9 of the current year, Mystic Lake reacuired 60,000 shares of its common stock at 42 per share on September 22, Mysti take 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 ly 9, September 22, and November 23. If an amount box does not require an entry, leave it blank July 9 Sept. 22 II III III II III III 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