Lava Lake Inc. bottles and distributes spring water. On February 11 of the current year, Lava Lake reacquired 7,200 shares of its common stock at $57 per share. On April 30, Lava Lake Inc. sold 5,000 of the reacquired shares at $64 per share. On August 22, Lava Lake Inc. sold 2,200 shares at $54 per share. a. Journalize the transactions of February 11, April 30, and August 22. For a compound transaction, if an amount box does not require an entry, leave it blank. Feb. 11 Apr. 30 Aug. 22 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 Lava Lake have purchased the treasury stock? 00

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