Treasury Stock Transactions

Blue Moon Water Supply Inc. bottles and distributes spring water. On July $17$ of the current year, Blue Moon Water Supply reacquired $4,900$ shares of its common stock at $$71$ per share. Blue Moon had not previously purchased any treasury shares.

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?

c$.$ All of the following are reasons that Blue Moon Water Supply may have purchased the treasury stock except: