Treasury Stock Transactions Lava Lake Inc. bottles and distributes spring water. On February 11 of the current year, Lava Lake reacquired 4,300 shares of its common stock at $61 per share. On April 30, Lava Lake Inc. sold 3,000 of the reacquired shares at $68 per share. On August 22, Lava Lake Inc. sold 1,300 shares at $58 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 fill in the blank b3225000303cf97_2 fill in the blank b3225000303cf97_3 fill in the blank b3225000303cf97_5 fill in the blank b3225000303cf97_6 Apr. 30 fill in the blank b3225000303cf97_8 fill in the blank b3225000303cf97_9 fill in the blank b3225000303cf97_11 fill in the blank b3225000303cf97_12 fill in the blank b3225000303cf97_14 fill in the blank b3225000303cf97_15 Aug. 22 fill in the blank b3225000303cf97_17 fill in the blank b3225000303cf97_18 fill in the blank b3225000303cf97_20 fill in the blank b3225000303cf97_21 fill in the blank b3225000303cf97_23 fill in the blank b3225000303cf97_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 8a0a1304c03c04d_1 c. For what reasons might Lava Lake have purchased the treasury stock?

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 4,300 shares of its common stock at $61 per share. On April 30, Lava Lake Inc. sold 3,000 of the reacquired shares at $68 per share. On August 22, Lava Lake Inc. sold 1,300 shares at $58 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	fill in the blank b3225000303cf97_2	fill in the blank b3225000303cf97_3
	fill in the blank b3225000303cf97_5	fill in the blank b3225000303cf97_6
Apr. 30	fill in the blank b3225000303cf97_8	fill in the blank b3225000303cf97_9
	fill in the blank b3225000303cf97_11	fill in the blank b3225000303cf97_12
	fill in the blank b3225000303cf97_14	fill in the blank b3225000303cf97_15
Aug. 22	fill in the blank b3225000303cf97_17	fill in the blank b3225000303cf97_18
	fill in the blank b3225000303cf97_20	fill in the blank b3225000303cf97_21
	fill in the blank b3225000303cf97_23	fill in the blank b3225000303cf97_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 8a0a1304c03c04d_1

c. For what reasons might Lava Lake have purchased the treasury stock?

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