Biscayne Bay Water Inc. bottles and distributes spring water. On May 14 of the current year, Biscayne Bay Water Inc. reacquired 2,200 shares of its common stock at $58 per share. On September 6, Biscayne Bay Water Inc. sold 1,600 of the reacquired shares at $62 per share. The remaining 600 shares were sold at $54 per share on November 30
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 balance sheet?
d. For what reasons might Biscayne Bay Water Inc. have purchased the treasury stock?
Select:
i. To support the market price of the stock.
ii. To provide shares for resale to employees.
iii. For reissuance to employees as a bonus according to stock purchase agreements.
iv. None of these reasons.
v. All of these reasons
Answers: 2
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Biscayne Bay Water Inc. bottles and distributes spring water. On May 14 of the current year, Biscayn...
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