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 35,000 shares of its common stock at $60 per share. 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? In the stockholders' equity section as a reduction c. For what reasons Blue Moon Water Supply may have purchased the treasury stock