Treasury Stock Transactions Biscayne Bay Water Inc. bottles and distributes spring water. On May 14 f the current year, Biscayne Bay Water Inc. reacquired 2,200 shares of its common stock at $65 per share. On September 6, Biscayne Bay Water Inc. sold 1,700 of the reacquired shares at $68 per share. The remaining 500 shares were sold at $60 per share on November 30. a. Journalize the transactions of May 14, September and November 30. For a compound transaction, if an amount box does not require an entry, leave it blank. May 14 Sept. 6 Nov. 30 the balance in Paid- Capital from Sale of Treasury Stock on December 31 of the current year? b. What 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