RELS 161 Lecture : Mysticism - Deep Ecology
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Mystic Lake Inc. bottles and distributes spring water. On July 9of the current year, Mystic Lake reacquired 39,500 shares of itscommon stock
The stock outstanding when a corporation has issued only oneclass of stock.
at $42 per share. On September 22, Mystic Lake Inc. sold 30,100of the reacquired shares at $51 per share. The remaining 9,400shares were sold at $41 per share on November 23.
Required:
A. | Journalize the transactions of July 9, September 22, andNovember 23. Refer to the Chart of Accounts for exact wording ofaccount titles. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
B. | What is the balance in Paid-In Capital Capital contributed to a corporation by the stockholders andothers. from Sale of Treasury Stock on December 31 of the currentyear? | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
C. | For what reasons might Mystic Lake have purchased the treasurystock? | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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