(Answered) Sweet water inc bottles and distributes spring water on

Accounting

Sweet Water Inc. bottles and distributes spring water. On July 15 of the current year, Sweet Water Inc. reacquired 24,000 shares of its common stock at $60 per share. On August 10, Sweet Water Inc. sold 19,000 of the reacquired shares at $63 per share. The remaining 5,000 shares were sold at $56 per share on December 18.

(a) Journalize the transactions of July 15, August 10, and December 18.

(b) What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year?

(d) For what reasons might Sweet Water Inc. have purchased the treasury stock?

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