Question
Treasury Stock Transactions Lava Lake Inc. bottles and distributes spring water. On February 11 of the current year, Lava Lake reacquired 3,800 shares of its
Treasury Stock Transactions
Lava Lake Inc. bottles and distributes spring water. On February 11 of the current year, Lava Lake reacquired 3,800 shares of its common stock at $86 per share. On April 30, Lava Lake Inc. sold 2,700 of the reacquired shares at $96 per share. On August 22, Lava Lake Inc. sold 1,100 shares at $81 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 6b8c57f9b013fc2_2 | fill in the blank 6b8c57f9b013fc2_3 | |
fill in the blank 6b8c57f9b013fc2_5 | fill in the blank 6b8c57f9b013fc2_6 | ||
Apr. 30 | fill in the blank 6b8c57f9b013fc2_8 | fill in the blank 6b8c57f9b013fc2_9 | |
fill in the blank 6b8c57f9b013fc2_11 | fill in the blank 6b8c57f9b013fc2_12 | ||
fill in the blank 6b8c57f9b013fc2_14 | fill in the blank 6b8c57f9b013fc2_15 | ||
Aug. 22 | fill in the blank 6b8c57f9b013fc2_17 | fill in the blank 6b8c57f9b013fc2_18 | |
fill in the blank 6b8c57f9b013fc2_20 | fill in the blank 6b8c57f9b013fc2_21 | ||
fill in the blank 6b8c57f9b013fc2_23 | fill in the blank 6b8c57f9b013fc2_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 0942e9fb6050fe4_1
c. For what reasons might Lava Lake have purchased the treasury stock?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started