Treasury Stock Transactions

Lava Lake Inc. bottles and distributes spring water. On February $11$ of the current year, Lava Lake reacquired $3,900$ shares of its common stock at $$78$ per share. On April $30,$ Lava Lake Inc. sold $2,700$ of the reacquired shares at $$87$ per share. On August $22,$ Lava Lake Inc. sold $1,200$ shares at $$73$ per share.

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a$.$ Journalize the transactions of February $11,$ April $30,$ and August $22.$ For a compound transaction, 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 $158$c$3$df$3$cfc$2$f$9$a$\_1$

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