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Mystic Lake Inc. bottles and distributes spring water. On July 9 of the current year, Mystic Lake reacquired 4,200 shares of its common stock at $66 per share. On September 22, Mystic Lake sold 2,900 of the reacquired shares at $74 per share. The remaining 1,300 shares were sold at $63 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

Mystic Lake Inc. bottles and distributes spring water. On July 9 of the current year, Mystic Lake reacquired 4,200 shares of its common stock at $66 per share. On September 22, Mystic Lake sold 2,900 of the reacquired shares at $74 per share. The remaining 1,300 shares were sold at $63 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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 4,200 shares of its common stock at $66 per share. On September 22, Mystic Lake sold 2,900 of the reacquired shares at $74 per share. The remaining 1,300 shares were sold at $63 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. 23 000 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?
Transcribed Image Text:Treasury Stock Transactions Mystic Lake Inc. bottles and distributes spring water. On July 9 of the current year, Mystic Lake reacquired 4,200 shares of its common stock at $66 per share. On September 22, Mystic Lake sold 2,900 of the reacquired shares at $74 per share. The remaining 1,300 shares were sold at $63 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. 23 000 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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