Treasury Stock Transactions Lava Lake Inc. bottles and distributes spring water. On February 11 of the current year, Lava Lake reacquired 4,100 shares of its common stock at $68 per share. On April 30, Lava Lake Inc. sold 2,900 of the reacquired shares at $75 per share. On August 22, Lava Lake Inc. sold 1,200 shares at $65 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 Apr. 30 Aug. 22 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?