Mystic Lake Inc. bottles and distributes spring water. On July 9 of the current year, Mystic Lake reacquired 3,700 shares of its common stock at $86 per share. On September 22, Mystic Lake sold 2,600 of the reacquired shares at $96 per share. The remaining 1,100 shares were sold at $82 per share on November 23.
Mystic Lake Inc. bottles and distributes spring water. On July 9 of the current year, Mystic Lake reacquired 3,700 shares of its common stock at $86 per share. On September 22, Mystic Lake sold 2,600 of the reacquired shares at $96 per share. The remaining 1,100 shares were sold at $82 per share on November 23.
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter10: Stockholder's Equity
Section: Chapter Questions
Problem 65E: Treasury Stock Transactions Garrett Inc. had no treasury stock at the beginning of the year. During...
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Mystic Lake Inc. bottles and distributes spring water. On July 9 of the current year, Mystic Lake reacquired 3,700 shares of its common stock at $86 per share. On September 22, Mystic Lake sold 2,600 of the reacquired shares at $96 per share. The remaining 1,100 shares were sold at $82 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 | fill in the blank 2f903602bf9afea_2 | fill in the blank 2f903602bf9afea_3 |
| Cash | fill in the blank 2f903602bf9afea_5 | fill in the blank 2f903602bf9afea_6 | |
| Sept. 22 | Cash | fill in the blank 2f903602bf9afea_8 | fill in the blank 2f903602bf9afea_9 |
| Treasury Stock | fill in the blank 2f903602bf9afea_11 | fill in the blank 2f903602bf9afea_12 | |
| Paid-In Capital from Sale of Treasury Stock | fill in the blank 2f903602bf9afea_14 | fill in the blank 2f903602bf9afea_15 | |
| Nov. 23 | Cash | fill in the blank 2f903602bf9afea_17 | fill in the blank 2f903602bf9afea_18 |
| Paid-In Capital from Sale of Treasury Stock | fill in the blank 2f903602bf9afea_20 | fill in the blank 2f903602bf9afea_21 | |
| Treasury Stock | fill in the blank 2f903602bf9afea_23 | fill in the blank 2f903602bf9afea_24 |
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