Treasury Stock Transactions Mystic Lake Inc. bottles and distributes spring water. On July 9 of the current year, Mystic Lake reacquired 5,000 shares of its common stock at $82 per share. On September 22, Mystic Lake sold 3,500 of the reacquired shares at $92 per share. The remaining 1,500 shares were sold at $78 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 Treasury Stock Cash Sept. 22 Cash Treasury Stock Paid-In Capital from Sale of Treasury Stock Nov. 23 Cash Paid-In Capital from Sale of Treasury Stock Treasury Stock Feedback b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year? Credit c. For what reasons might Mystic Lake Inc. have purchased the treasury stock? All of these reasons