Journalize the transactions of February 11, April 30, and Au
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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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