Treasury Stock TransactionsLava Lake Inc. bottles and distributes spring water. On February 11 of the current year, Lava Lake reacquired 3,600 shares of its common stock at $54 per share. On April 30, Lava Lake Inc. sold 2,500 of the reacquired shares at $60 per share. On August 22, Lava Lake Inc. sold 1,100 shares at $51 per share.a. Journalize the transactions of February 11, April 30, and August 22. If an amount box does not require an entry, leave it blank.Feb. 11Treasury Stock fill in the blank 00d7cbfe6fcbfc2_2fill in the blank 00d7cbfe6fcbfc2_3 Cash fill in the blank 00d7cbfe6fcbfc2_5fill in the blank 00d7cbfe6fcbfc2_6Apr. 30Cash fill in the blank 00d7cbfe6fcbfc2_8fill in the blank 00d7cbfe6fcbfc2_9 Treasury Stock fill in the blank 00d7cbfe6fcbfc2_11fill in the blank 00d7cbfe6fcbfc2_12 Paid-In Capital from Sale of Treasury Stock fill in the blank 00d7cbfe6fcbfc2_14fill in the blank 00d7cbfe6fcbfc2_15Aug. 22Cash fill in the blank 00d7cbfe6fcbfc2_17fill in the blank 00d7cbfe6fcbfc2_18 Treasury Stock fill in the blank 00d7cbfe6fcbfc2_20fill in the blank 00d7cbfe6fcbfc2_21 Paid-In Capital from Sale of Treasury Stock fill in the blank 00d7cbfe6fcbfc2_23fill in the blank 00d7cbfe6fcbfc2_24b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year?$fill in the blank 2d333e09f034ff4_1

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Answered: Journalize the transactions of February…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter10: Stockholder's Equity

Section: Chapter Questions

Problem 65E: Treasury Stock Transactions Garrett Inc. had no treasury stock at the beginning of the year. During...

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Treasury Stock Transactions

Lava Lake Inc. bottles and distributes spring water. On February 11 of the current year, Lava Lake reacquired 3,600 shares of its common stock at $54 per share. On April 30, Lava Lake Inc. sold 2,500 of the reacquired shares at $60 per share. On August 22, Lava Lake Inc. sold 1,100 shares at $51 per share.

a. Journalize the transactions of February 11, April 30, and August 22. If an amount box does not require an entry, leave it blank.

Feb. 11	Treasury Stock	fill in the blank 00d7cbfe6fcbfc2_2	fill in the blank 00d7cbfe6fcbfc2_3
	Cash	fill in the blank 00d7cbfe6fcbfc2_5	fill in the blank 00d7cbfe6fcbfc2_6
Apr. 30	Cash	fill in the blank 00d7cbfe6fcbfc2_8	fill in the blank 00d7cbfe6fcbfc2_9
	Treasury Stock	fill in the blank 00d7cbfe6fcbfc2_11	fill in the blank 00d7cbfe6fcbfc2_12
	Paid-In Capital from Sale of Treasury Stock	fill in the blank 00d7cbfe6fcbfc2_14	fill in the blank 00d7cbfe6fcbfc2_15
Aug. 22	Cash	fill in the blank 00d7cbfe6fcbfc2_17	fill in the blank 00d7cbfe6fcbfc2_18
	Treasury Stock	fill in the blank 00d7cbfe6fcbfc2_20	fill in the blank 00d7cbfe6fcbfc2_21
	Paid-In Capital from Sale of Treasury Stock	fill in the blank 00d7cbfe6fcbfc2_23	fill in the blank 00d7cbfe6fcbfc2_24

b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year?
$fill in the blank 2d333e09f034ff4_1

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