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 $59 per share. On September 6, Biscayne Bay Water Inc. sold 2,000 of the reacquired shares at $63 per share. The remaining 700 shares were sold at $55 per share on November 30. Question Content Area 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 - Select - - Select - - Select - - Select - Sept. 6 - Select - - Select - - Select - - Select - - Select - - Select - Nov. 30 - Select - - Select - - Select - - Select - - Select - - Select - Question Content Area b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year? $fill in the blank 4aee6d041009fed_1 c. Where will the balance in Paid-In Capital from Sale of Treasury Stock be reported on the balance sheet?
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 $59 per share. On September 6, Biscayne Bay Water Inc. sold 2,000 of the reacquired shares at $63 per share. The remaining 700 shares were sold at $55 per share on November 30.
Question Content Area
a. Journalize the transactions of May 14, September 6, and November 30. If an amount box does not require an entry, leave it blank.
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| Sept. 6 |
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- Select - | - Select - | |
| Nov. 30 |
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- Select - | - Select - |
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Question Content Area
b. What is the balance in Paid-In Capital from Sale of
$fill in the blank 4aee6d041009fed_1
c. Where will the balance in Paid-In Capital from Sale of Treasury Stock be reported on the
d. For what reasons might Biscayne Bay Water Inc. have purchased the treasury stock?
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The treasury stock includes the own shares of the company repurchased from the shareholders. The treasury stock has normal debit balance.
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