Biscayne Bay Water Inc. bottles and distributes spring water. On May 14 of the current year, Biscayne Bay Water reacquired 24,200 shares of its common stock at $68 per share. On September 6, Biscayne Bay Water sold 12,500 of the reacquired shares at $74 per share. The remaining 11,700 shares were sold at $65 per share on November 30.

	a. Journalize the transactions of May 14, September 6, and November 30.
	b. What is the balance in Paid-In Capital from Sale of Treasury 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?