Treasury Stock Transactions Biscayne Bay Water Inc. bottles and distributes spring water. On May 14 of the current year, Biscayne Bay Water Inc. reacquired 2,600 shares of its common stock at $50 per share. On September 6, Biscayne Bay Water Inc. sold 2,100 of the reacquired shares at $54 per share. The remaining 500 shares were sold at $47 per share on November 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. May 14 Treasury Stock Cash Sept. 6 Cash Treasury Stock Paid-in Capital from Sale of Treasury Stock Nov. 30 Cash Paid-in Capital from Sale of Treasury Stock Treasury Stock 000 000 000 Check My Work The repurchase of shares, known as treasury stock, is typically recorded using the cost method. When the treasury stock is resold, what is the company receiving? What is it giving up? Keep in mind the price paid to buy the treasury stock and the price the shares are resold for at a later date. Check My Work