ystic Lake Inc. bottles and distributes spring water. On July 9 of the current year, Mystic Lake reacquired 80,000 shares of its common stock at $44 per share. On September 22, Mystic Lake sold 55,000 of the reacquired shares at $52 per share. The remaining 25,000 shares were sold at $40 per share on November 23. Question Content Area a. Journalize the transactions of July 9, September 22, and November 23. If an amount box does not require an entry, leave it blank. b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year? fill in the blank 1 of 1$ c.For what reasons might Mystic Lake Inc. have purchased the treasury stock?
ystic Lake Inc. bottles and distributes spring water. On July 9 of the current year, Mystic Lake reacquired 80,000 shares of its common stock at $44 per share. On September 22, Mystic Lake sold 55,000 of the reacquired shares at $52 per share. The remaining 25,000 shares were sold at $40 per share on November 23. Question Content Area a. Journalize the transactions of July 9, September 22, and November 23. If an amount box does not require an entry, leave it blank. b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year? fill in the blank 1 of 1$ c.For what reasons might Mystic Lake Inc. have purchased the treasury stock?
Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter11: Accounting For Transactions Using A General Journal
Section: Chapter Questions
Problem 3AP
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Question
Mystic Lake Inc. bottles and distributes spring water. On July 9 of the current year, Mystic Lake reacquired 80,000 shares of its common stock at $44 per share. On September 22, Mystic Lake sold 55,000 of the reacquired shares at $52 per share. The remaining 25,000 shares were sold at $40 per share on November 23.
Question Content Area
a. Journalize the transactions of July 9, September 22, and November 23. If an amount box does not require an entry, leave it blank.
b. What is the balance in Paid-In Capital from Sale of
fill in the blank 1 of 1$
c.For what reasons might Mystic Lake Inc. have purchased the treasury stock?
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