BIScayne Bay Water Inc. bottles and distributes spring water. On May 14 of the current...
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BIScayne Bay Water Inc. bottles and distributes spring water. On May 14 of the current year, Biscayne Bay Water reacquired 23,500 shares of its common stock at $75 per share. On September 6, Biscayne Bay Water sold 14,000 of the reacquired shares at $81 per share. The remaining 9,500 shares were sold at $72 share on November 30. per a. Journalize the transactions of May 14, September 6, and November 30. b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year? c. Where will the balance in Paid-In Capital from Sale of Treasury Stock be reported on the bal- ance sheet? For what reasons might Biscayne Bay Water Inc. have purchased the treasury stock? d
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