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?
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?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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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