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ava Lake Inc. bottles and distributes sp ake reacquired 38,700 shares of its con C. sold 33,500 of the reacquired share 200 shares at $44 per share.

ava Lake Inc. bottles and distributes sp ake reacquired 38,700 shares of its con C. sold 33,500 of the reacquired share 200 shares at $44 per share.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Instructions Chart of Accounts Journal Final Questions Final Questions Instructins b What is the balance in Paid-in Capital from Sale of Treasury Stock on December 31 of the current year? Lava Lake Inc. bottles and distributes spring water. On February 11 of the current year, Lava Lake reacquired 38,700 shares of its common stock at $45 per share. On April 30, Lava Lake Inc. sold 33,500 of the reacquired shares at S48 per share. On August 22, Lava Lake Inc. sold 5.200 shares at $44 per share. c For what reasons might Lava Lake have purchased the Treasury Stock? Required: a. Journalize the transactions of February 11, April 30, and August 22. Refer to the Check all that apply chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or O To support the market price of the stock credit entries. CNOW journals will automatically indent a credit entry when a credit O For reissuance to employees as a bonus according to stock purchase agreements amount is entered. b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December O The company wishes to receive more of its own dividends. 31 of the current year? O To provide shares for resale to employees. c. For what reasons might Lava Lake have purchased the treasury stock? O The company wishes to increase the par value of its stock
Transcribed Image Text:Instructions Chart of Accounts Journal Final Questions Final Questions Instructins b What is the balance in Paid-in Capital from Sale of Treasury Stock on December 31 of the current year? Lava Lake Inc. bottles and distributes spring water. On February 11 of the current year, Lava Lake reacquired 38,700 shares of its common stock at $45 per share. On April 30, Lava Lake Inc. sold 33,500 of the reacquired shares at S48 per share. On August 22, Lava Lake Inc. sold 5.200 shares at $44 per share. c For what reasons might Lava Lake have purchased the Treasury Stock? Required: a. Journalize the transactions of February 11, April 30, and August 22. Refer to the Check all that apply chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or O To support the market price of the stock credit entries. CNOW journals will automatically indent a credit entry when a credit O For reissuance to employees as a bonus according to stock purchase agreements amount is entered. b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December O The company wishes to receive more of its own dividends. 31 of the current year? O To provide shares for resale to employees. c. For what reasons might Lava Lake have purchased the treasury stock? O The company wishes to increase the par value of its stock
Treasury stock transactions Instructions Chart of Accounts Journal Final Questions Journal Instructions a. Journalize the transactions of February 11, April 30, and August 22. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use Lava Lake Inc. bottles and distributes spring water. On February 11 of the current year, Lava lines for journal explanations Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is Lake reacquired 38,700 shares of its common stock at $45 per share. On April 30, Lava Lake entered Inc. sold 33,500 of the reacquired shares at $48 per share. On August 22, Lava Lake Inc. sold 5,200 shares at $44 per share. PAGE 10 Required: JOURNAL ACCOUNTING EQUATION a. Journalize the transactions of February 11, April 30, and August 22. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not DATE DESCRIPTION POST. REF DEBIT CREDIT ASSETS LIABILITIES EQUITY use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. b What is the balance in Paid-in Capital from Sale of Treasury Stock on December 4 31 of the current year? C. For what reasons might Lava Lake have purchased the treasury stock? 6 Previous Next> Check My Work
Transcribed Image Text:Treasury stock transactions Instructions Chart of Accounts Journal Final Questions Journal Instructions a. Journalize the transactions of February 11, April 30, and August 22. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use Lava Lake Inc. bottles and distributes spring water. On February 11 of the current year, Lava lines for journal explanations Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is Lake reacquired 38,700 shares of its common stock at $45 per share. On April 30, Lava Lake entered Inc. sold 33,500 of the reacquired shares at $48 per share. On August 22, Lava Lake Inc. sold 5,200 shares at $44 per share. PAGE 10 Required: JOURNAL ACCOUNTING EQUATION a. Journalize the transactions of February 11, April 30, and August 22. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not DATE DESCRIPTION POST. REF DEBIT CREDIT ASSETS LIABILITIES EQUITY use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. b What is the balance in Paid-in Capital from Sale of Treasury Stock on December 4 31 of the current year? C. For what reasons might Lava Lake have purchased the treasury stock? 6 Previous Next> Check My Work
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