Treasury Stock Transactions

Lava Lake Inc. bottles and distributes spring water. On February $11$ of the current year, Lava Lake reacquired $180,000$ shares of its common stock at $$17$ per share. On April $30,$ Lava Lake Inc. sold $90,000$ of the reacquired shares at $$20$ per share. On August $22,$ Lava Lake Inc. sold $30,000$ shares at $$15$ per share.

Question Content Area

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. $22$

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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 dd$619$c$009$fe$6$ff$1\_1$

c$.$ For what reasons might Lava Lake have purchased the treasury stock?