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?
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