question archive Deer Creek Inc
Subject:FinancePrice:2.89 Bought3
Deer Creek Inc. bottles and distributes spring water. On April 27 of the current year, Deer Creek reacquired 15,000 shares of its common stock
at $60 per share. On July 13, Deer Creek sold 9,000 of the reacquired shares at $72 per share. The remaining 6,000 shares were sold at $59 per share on October 8.
a. Journalize the transactions of April 27, July 13, and October 8.
b. What is the balance in paid-In Capital from Sale of Treasury Stock on December 31 of the current year?
c. For what reasons might Deer Creek have purchased the treasury stock?
Purchased 3 times