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 pe...

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Conyers Water Inc. bottles and distributes spring water. On July 5 of the current year, Conyers Water

Question:

Conyers Water Inc. bottles and distributes spring water. On July 5 of the current year, Conyers Water Inc, reacquired 12,500 shares of its 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 purchase the treasury stock?

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on...