Mystic Lake Inc. bottles and distributes spring water. On July 9 of the current year, Mystic Lake reacquired 4,600 shares of its common stock at $69 per share. On September 22, Mystic Lake sold 3,200 of the reacquired shares at $75 per share. The remaining 1,400 shares were sold at $65 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 Sept. 22 Nov. 23 Accounting numeric field 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?
Mystic Lake Inc. bottles and distributes spring water. On July 9 of the current year, Mystic Lake reacquired 4,600 shares of its common stock at $69 per share. On September 22, Mystic Lake sold 3,200 of the reacquired shares at $75 per share. The remaining 1,400 shares were sold at $65 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 Sept. 22 Nov. 23 Accounting numeric field 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?
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter10: Stockholder's Equity
Section: Chapter Questions
Problem 65E: Treasury Stock Transactions Garrett Inc. had no treasury stock at the beginning of the year. During...
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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 4,600 shares of its common stock at $69 per share. On
September 22, Mystic Lake sold 3,200 of the reacquired shares at $75 per share. The remaining 1,400 shares were sold at $65 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.
6 Aing
Sept. 22
Nov. 23
Accounting numeric field
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?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2b03b24c-f629-4f63-9894-465f2a0b3049%2F0bdeda36-98f2-4dcd-8176-a4fd685ffcf5%2F2ksv48_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Treasury Stock Transactions
Mystic Lake Inc. bottles and distributes spring water. On July 9 of the current year, Mystic Lake reacquired 4,600 shares of its common stock at $69 per share. On
September 22, Mystic Lake sold 3,200 of the reacquired shares at $75 per share. The remaining 1,400 shares were sold at $65 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.
6 Aing
Sept. 22
Nov. 23
Accounting numeric field
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?
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