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Problem - Treasury stock transactions - Deer Creek Inc. bottles and distributes spring water. On April 27 of the current year, Deer Creek reacquired 15,000 shares of its common stock at $60 per share. On July 13, Deer Creek sold 9,000 of the reacquired shares at $72 per share. The remaining 6,000 shares were sold at $59 per share on October 8.
Required -
a. Journalize the transactions of April 27, July 13, and October 8.
b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year?
c. For what reasons might Deer Creek have purchased the treasury stock?
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