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Question - Discount Center Furniture, Inc. completed the following treasury stock transactions in 2024:
Dec. 1 Purchased 1,300 shares of the company's $1 par value common stock as treasury stock, paying cash of $7 per share.
Dec. 15 Sold 400 shares of the treasury stock for cash of $10 per share.
Dec. 20 Sold 700 shares of the treasury stock for cash of $3 per share. (Assume the balance in Paid-In Capital from Treasury Stock Transactions on December 20 is $2,600.)
Requirements -
1. Journalize these transactions. Explanations are not required.
2. How will Discount Center Furniture, Inc. report treasury stock on its balance sheet as of December 31, 2024?
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