Mystic lake inc. bottles and distributes spring water. on july 9 of the current year, mystic lake reacquired 7,200 shares of its common stock at $52 per share. on september 22, mystic lake sold 5,000 of the reacquired shares at $58 per share. the remaining 2,200 shares were sold at $49 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 treasury stock 374,400 cash 374,400 sept. 22 cash 290,000 0 treasury stock 1,320,000 paid-in capital from sale of treasury stock 180,000 nov. 23 cash 430,000 paid-in capital from sale of treasury stock 10,000 treasury stock 440,000 feedback the repurchase of shares, known as treasury stock, is typically recorded using the cost method. when the treasury stock is resold, what is the company receiving? what is it giving up? keep in mind the price paid to buy the treasury stock and the price the shares are resold for at a later date. learning objective 5. 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?