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Treasury Stock Transactions

Mystic Lake Inc. bottles and distributes spring water. On July 9 of the current year, Mystic Lake reacquired 5,200 shares of its common stock at $57 per share. On September 22, Mystic Lake sold 3,600 of the reacquired shares at $64 per share. The remaining 1,600 shares were sold at $54 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		fill in the blank 7d548bfe3063fe1_2
			fill in the blank 7d548bfe3063fe1_4
Sept. 22		fill in the blank 7d548bfe3063fe1_6	fill in the blank 7d548bfe3063fe1_7
		fill in the blank 7d548bfe3063fe1_9	fill in the blank 7d548bfe3063fe1_10
		fill in the blank 7d548bfe3063fe1_12	fill in the blank 7d548bfe3063fe1_13
Nov. 23		fill in the blank 7d548bfe3063fe1_15	fill in the blank 7d548bfe3063fe1_16
		fill in the blank 7d548bfe3063fe1_18	fill in the blank 7d548bfe3063fe1_19
		fill in the blank 7d548bfe3063fe1_21	fill in the blank 7d548bfe3063fe1_22

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 4ca4a4ff3063f9a_1

c. For what reasons might Mystic Lake Inc. have purchased the treasury stock?

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