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Treasury stock transactions
Conyers Water Inc. bottles and distributes spring water. On July 5 of the current year, Conyers Water Inc. reacquired 12,500 shares of its common stock at $80 per share. On November 3, Conyers Water Inc. sold 7,000 of the reacquired shares at $85 per share. The remaining 5,500 shares were sold at $78 per share on December 10.
a. Journalize the transactions of July 5, November 3, and December 10.
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 Conyers Water Inc. have purchased the treasury stock?
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