Biscayne Bay Water Inc. bottles and distributes spring water. On May 14 of the current year, Biscayne Bay Water Inc. reacquired 2,200 shares of its common stock at $51 per share. On September 6, Biscayne Bay Water Inc. sold 1,700 of the reacquired shares at $55 per share. The remaining 500 shares were sold at $48 per share on Nover 30. a. Journalize the transactions of May 14 , September 6 , and November 30 . If an amount box does not require an entry, leave it blank. b. What is the balance in Paid-In Capital from Sale of Ireasury Stock on December 31 of the current year? $ c. Where will the balance in Paid-In Capital from Sale of Treasury Stock be reported on the balance sheet? d. For what reasons might Biscayne Bay Water Inc. have purchased the treasury stock