Treasury Stock Transactions Lava Lake Inc. bottles and distributes spring water. On February 11 of the current year, Lava Lake reacquired 5,900 shares of its common stock at $61 per share. On April 30, Lava Lake Inc. sold 4,100 of the reacquired shares at $68 per share. On August 22, Lava Lake Inc. sold 1,800 shares at $58 per share. 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 III II 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