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Conyers Water Inc. bottles and distributes spring water. On July 5 of the current year, Conyers Water Inc. reacquired 2,700 shares of its common stock at $70 per share. On November 3, Conyers Water Inc. sold 2,200 of the reacquired shares at $75 per share. The remaining 500 shares were sold at $66 per share on December 10 Journalize the transactions of July 5, November 3, and December 10. For a compound transaction.
1. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year 2. Where will the balance in Paid-In Capital from Sale of Treasury Stock be reported on the balance sheet?
SelectAssets sectionLiabilities sectionStockholders' Equity sectionCorrect 3 of Item 2
3. For what reasons might Conyers Water Inc. have purchased the treasury stock? The input in the box below will not be graded, but may be reviewed and considered by your instructor.
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