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What is the balance in paid-in capital from sale

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Reference no: EM132742842

Problem - Treasury stock transactions - Mystic Lake Inc. bottles and distributes spring water. On July 9 of the current year, Mystic Lake reacquired 60,000 shares of its common stock at $42 per share. On September 22, Mystic Lake sold 45,000 of the reacquired shares at $51 per share. The remaining 15,000 shares were sold at $40 per share on November 23.

Required -

a. Journalize the transactions of July 9, September 22, and November 23.

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?

Reference no: EM132742842

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