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Biscayne Bay Water Inc. bottles and distributes spring water. On May 14 of the current year, Biscayne Bay Water Inc. reacquired 2,700 shares of its

Biscayne Bay Water Inc. bottles and distributes spring water. On May 14 of the current year, Biscayne Bay Water Inc. reacquired 2,700 shares of its common stock at $59 per share. On September 6, Biscayne Bay Water Inc. sold 2,200 of the reacquired shares at $62 per share. The remaining 500 shares were sold at $55 per share on November 30.

a. For what reasons might Biscayne Bay Water Inc. have purchased the treasury stock?

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