Lava Lake Inc. bottles and distributes spring water. On February 11 of the current year, Lava Lake reacquired 39 300 shares of its common stock at 542 per share. On April 30, Lava Lake Inc. sold 30,100 of the reacquired shares at 549 per share. On August 22, Lava Lake ing sold 9,200 shares at $41 per share Required: a. Journalize the transactions of February 11, Apni 30, and August 22. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debut or credit entries CNOW Journals will automatically indent a credit entry when a credit amount is entered b. What is the balance in Paldin Capital from Sale of Treasury Stock on December 31 of the current your? c. For what reasons might Lava Lako have purchased the treasury stock? Chart of Accounts CHART OF ACCOUNTS Lava Lake Inc. CHART OF ACCOUNTS Lava Lake Inc. General Ledger ASSETS REVENUE 410 Sales 610 Interest Revenue EXPENSES 110 Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Merchandise Inventory 145 Office Supplies 151 Prepaid Insurance 181 Land 193 Equipment 194 Accumulated Depreciation-Equipment 510 Cost of Merchandise Sold 515 Credit Card Expense 520 Salaries Expense 531 Advertising Expense 532 Delivery Expense 533 Selling Expenses 534 Rent Expense 535 Insurance Expense 536 Office Supplies Expense 537 Organizational Expenses LIABILITIES 210 Accounts Payable 221 Notes Payable 226 Interest Pavable 562 Depreciation Expense-Equipment werp 221 Notes Payable 226 Interest Payable 231 Cash Dividends Payable 241 Salaries Payable 261 Mortgage Note Payable 537 Organizational Expenses 562 Depreciation Expense-Equipment 590 Miscellaneous Expense 710 Interest Expense EQUITY 311 Common Stock 312 Paid-in Capital in Excess of Par-Common Stock 315 Treasury Stock 321 Preferred Stock 322 Paid-In Capital in Excess of Par-Preferred Stock 331 Paid-In Capital from Sale of Treasury Stock 340 Retained Earnings 350 Stock Dividends Distributable 351 Cash Dividends 352 Stock Dividends a Journalize the transactions of February 11, April 30, and August 22. Refer to the chart of accounts for the exact wording of the account titles. CNOWO lines for journal explanations. Every line on a journal page is used for debitor credit entries. CNOW journals will automatically indent a credit entry when entered Question not attempted. JOURNAL Score: 0/100 ACCOUNTING DATE DESCRIPTION POSTRE DEBIT CREDIT ASSETS LIABIL 2 4 3 6 b. What is the balance in Paid-in Capital from Sale of Treasury Stock on December 31 of the current year? Credit