Treasury stock transactions Mystic Lake Inc. bottles and distributes spring water. On July 9 of the current year, Mystic Lake reacquired 80,000 shares of its common stock at $44 per share. On September 22, Mystic Lake sold 55,000 of the reacquired shares at $52 per share. The remaining 25,000 shares were sold at $40 per share on November 23. Question Content Area a. Journalize the transactions of July 9, September 22, and November 23. If an amount box does not require an entry, leave it blank. DateAccountDebitCredit July 9 Treasury Stock Treasury Stock Treasury Stock Cash Cash Cash Sept. 22 Cash Cash Cash Treasury Stock Treasury Stock Treasury Stock Paid-In Capital from Sale of Treasury Stock Paid-In Capital from Sale of Treasury Stock Paid-In Capital from Sale of Treasury Stock Nov. 23 Cash Cash Cash Paid-In Capital from Sale of Treasury Stock Paid-In Capital from Sale of Treasury Stock Paid-In Capital from Sale of Treasury Stock Treasury Stock Treasury Stock Treasury Stock Feedback Area Feedback The repurchase of shares, known as treasury stock, is typically recorded using the cost method. When the treasury stock is resold, what is the company receiving? What is it giving up? Keep in mind the price paid to buy the treasury stock and the price the shares are resold for at a later date. Question Content Area b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year? fill in the blank 1 of 1$ Credit c. For what reasons might Mystic Lake Inc. have purchased the treasury stock? All of these reasons.