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What is the balance in paid in capital from sale

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Reference no: EM131128292

Sweet Water Inc. bottles and distributes spring water. On July 15 of the current year, Sweet Water Inc. reacquired 24,000 shares of its common stock at $60 per share. On August 10, Sweet Water Inc. sold 19,000 of the reacquired shares at $63 per share. The remaining 5,000 shares were sold at $56 per share on December 18.

(a) Journalize the transactions of July 15, August 10, and December 18.

(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 balance sheet?

(d) For what reasons might Sweet Water Inc. have purchased the treasury stock? 

Reference no: EM131128292

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