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$88 per share. The remaining 1,900 shares were sold at \$76 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. 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? Retained earnings statement Sumter Pumps Corporation, a manufacturer of industrial pumps, reports the following results for the year ended December 31,20Y3 : Prepare a retained earnings statement for the year ended December 31, 20Y3. Reporting paid-in capital The following accounts and their balances were selected from the adjusted trial balance of Point Loma Group Inc., a freight forwarder, at October 31 , the end of the current fiscal year: reacquired shares were sold at $42 per share, and on November 13,3,700 of the reacquired shares were sold at $44. a. Journalize the transactions of March 9, June 9, and November 13. If an amount box does not require an entry, leave it blank. b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year? $ c. What is the balance in Treasury Stock on December 31 of the current year? $ d. How will the balance in Treasury Stock be reported on the balance sheet? Stock shares authorized are: preferred stock, 50,000 shares; common stock, 200,000 shares. There are 3,500 shares of common stock held as treasury stock Prepare the "Stockholders' Equity" section of the balance sheet as of July 31, the end of the current year using Method 1 of Exhibit 10

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