Treasury Stock Transactions Biscayne Bay Water Inc. bottles and distributes spring water. On May 14 of the current year, Biscayne Bay Water Inc. reacquired 2,300 shares of its common stock at $ per share. On September 6, Biscayne Bay Water Inc. sold 1,800 of the reacquired shares at $55 per share. The remaining 500 shares were sold at $49 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 Sept. 6 Nov. 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?
Treasury Stock Transactions Biscayne Bay Water Inc. bottles and distributes spring water. On May 14 of the current year, Biscayne Bay Water Inc. reacquired 2,300 shares of its common stock at $ per share. On September 6, Biscayne Bay Water Inc. sold 1,800 of the reacquired shares at $55 per share. The remaining 500 shares were sold at $49 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 Sept. 6 Nov. 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?
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter15: Contributed Capital
Section: Chapter Questions
Problem 16P: Treasury Stock, Cost Method Bush-Caine Company reported the following data on its December 31, 2018,...
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Question
![Treasury Stock Transactions
Biscayne Bay Water Inc. bottles and distributes spring water. On May 14 of the current year, Biscayne Bay Water Inc. reacquired 2,300 shares of its common stock at $52
per share. On September 6, Biscayne Bay Water Inc. sold 1,800 of the reacquired shares at $55 per share. The remaining 500 shares were sold at $49 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
Sept. 6
Nov. 30
36
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?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9ecdd586-d90f-4b01-9735-d33df7ee50d8%2Fca3324b1-81b3-4087-938c-2f638fc6dc85%2Frmsk41q_processed.png&w=3840&q=75)
Transcribed Image Text:Treasury Stock Transactions
Biscayne Bay Water Inc. bottles and distributes spring water. On May 14 of the current year, Biscayne Bay Water Inc. reacquired 2,300 shares of its common stock at $52
per share. On September 6, Biscayne Bay Water Inc. sold 1,800 of the reacquired shares at $55 per share. The remaining 500 shares were sold at $49 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
Sept. 6
Nov. 30
36
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?
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