Lava Lake Inc, bottles and distributes spring water. On February 11 of the current year, Lava Lake reacquired 4,900 shares of its commion stock at 589 per share. On April 30, Lava Lake Inc, sold 3,400 of the reacquired shares at $96 per sharo, On August 22, Lava Loke inc. sold 1,500 shares at $85 per share. a. Journalize the transactions of Eebruaru in fand August 22. If an amount box does not require on entry, leave it biank. b. What is the balance in Paid-In Copital from Sale of Treasury Stock on December 31 of the current year? c. For what reasons might Lava Lake have purchased the treasury stock