Biscayne Bay Water Inc. bottles and distributes spring water. On May 14 of the current year, Biscayne Bay Water Inc. reacquired 2,700 shares of its common stock at $53 per share. On September 6, Biscayne Bay Water Inc. sold 2,100 of the reacquired shares at $57
Biscayne Bay Water Inc. bottles and distributes spring water. On May 14 of the current year, Biscayne Bay Water Inc. reacquired 2,700 shares of its common stock at $53 per share. On September 6, Biscayne Bay Water Inc. sold 2,100 of the reacquired shares at $57 per share. The remaining 600 shares were sold at $50 per share on November 30.
a. Journalize the transactions of May 14, September 6, and November 30. If an amount box does not require an entry, leave it blank.
| May 14 | fill in the blank 5100910d601a073_2 | fill in the blank 5100910d601a073_3 | |
| fill in the blank 5100910d601a073_5 | fill in the blank 5100910d601a073_6 | ||
| Sept. 6 | Cash | fill in the blank 5100910d601a073_8 | fill in the blank 5100910d601a073_9 |
| fill in the blank 5100910d601a073_11 | fill in the blank 5100910d601a073_12 | ||
| fill in the blank 5100910d601a073_14 | fill in the blank 5100910d601a073_15 | ||
| Nov. 30 | fill in the blank 5100910d601a073_17 | fill in the blank 5100910d601a073_18 | |
| fill in the blank 5100910d601a073_20 | fill in the blank 5100910d601a073_21 | ||
| fill in the blank 5100910d601a073_23 | fill in the blank 5100910d601a073_24 |
b. What is the balance in Paid-In Capital from Sale of
$fill in the blank 3b9da1000035fdf_1
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?
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