Treasury Stock Transactions

Biscayne Bay Water Inc. bottles and distributes spring water. On May $14$ of the current year, Biscayne Bay Water reacquired $2,400$ shares of its common stock at $$56$ per share. On September $6,$ Biscayne Bay Water sold $1,700$ of the reacquired shares at $$59$ per share. The remaining $700$ shares were sold at $$52$ per share on November $30.$

Question Content Area

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 $14$

Sept. $6$

Nov. $30$

Question Content Area

b$.$ What is the balance in Paid$-$In Capital from Sale of Treasury Stock on December $31$ of the current year?

$fill in the blank $99$b$34703$cfac$053\_1$

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?