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Biscayne Bay Water Inc. bottles and distributes spring water. On May 14 of the current year, Biscayne Bay Water Inc. reacquired 25,650 shares of its common stock at $70 per share. On September 6, Biscayne Bay
Water Inc. sold 15,100 of the reacquired shares at $76 per share. The remaining 10,550 shares were sold at $67 per share on November 30.
Required:
Question 1A. Journalize the transactions of May 14, September 6, and November 30. Refer to the Chart of Accounts for exact wording of account titles.
Question 1B. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year?
Question 1C. Where will the balance in Paid-In Capital from Sale of Treasury Stock be reported on the balance sheet?
Question 1D. For what reasons might Biscayne Bay Water Inc. have purchased the treasury stock?
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