Treasury Stock Transactions Banff Water Inc. bottles and distributes spring water. On April 2 of the current year, Banff Water Inc. reacquired 30,000 shares of its common stock at $33 per share. a. What is the balance of Treasury Stock on December 31 of the current year? b. Where will the balance of Treasury Stock be reported on the balance sheet? In the stockholders equity section as a reduction C. All of the following are reasons that Banff Water Inc. may have purchased the treasury stock except to increase assets. d. Assume that on January 25 of the following year, Banff Water Inc. sold 20,000 shares of its treasury stock for $40 per share. Illustrate the effects on the accounts and financial statements of the sale of the treasury stock. If no account or activity is affected, select "No effect" from the dropdown list and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts. Balance Sheet Statement of Liabilitles Stockholders' Equity Assets Cash Flows Cash : No effect Treasury stock+ Paid-in capital from treasury stock v Jan. 25. Statement of Cash Flows Income Statenent No effect