Lava Lake Inc. bottles and distributes spring water. On February 11 of the current year, Lava Lake reacquired 39,800 shares of its common stock at $42 per share. On April 30, Lava Lake Inc. sold 32,100 of the reacquired shares at $50 per share. On August 22, Lava Lake Inc. sold 7,700 shares at $41 per share. Required: A. Journalize the transactions of February 11, April 30, and August 22. Refer to the Chart of Accounts for exact wording of account titles. 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? Instructions Chart of Accounts Journal Final Questions Instructions Journal X A. Journalize the transactions of February 11, April 30, and August 22. Refer to the Chart of Accounts for exact wording of account titles. JOURNAL ACCOUNTING DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABIL 1 2 3 4 5 6 7 8 Final Questions 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? Check all that apply. To support the market price of the stock. The company wishes to receive more of its own dividends. For reissuance to employees as a bonus according to stock purchase agreements. The company wishes to increase the par value of its stock. To provide shares for resale to employees