Treasury Stock Transactions Biscayne Bay Water Inc. bottles and distributes spring water. On May 14 of the current year, Biscayne Bay Water Inc. reacquired 2,300 shares of its common stock at $58 per share. On September 6, Biscayne Bay Water Inc. sold 1,700 of the reacquired shares at $61 per share. The remaining 600 shares were sold at $55 per share on November 30. a. Journalize the transactions of May 14, September 6, and November 30. For a compound transaction, if an amount box does not require an entry, leave it blank. May 14 Treasury Stock 133,400 Cash 133,400 Sept. 6 Cash 103,700 Treasury Stock 8,600 Paid-in Capital from Sale of Treasury Stock 5,100 Nov. 30 Cash 33,000 Pald-in Capital from Sale of Treasury Stock 34,800 X Treasury Stock 1.800 X b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year? 6,900 X Credit c. Where will the balance in Pald-In Capital from Sale of Treasury Stock be reported on the balance sheet? Stockholders' Equity section d. For what reasons might Biscayne Bay Water Inc. have purchased the treasury stock? All of these reasons