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Question - Discount Center Furniture, Inc. completed the following treasury stock transactions in 2024:
Transactions: Dec. 1 Purchased 1,300 shares of the company's $1 par value common stock as treasury stock, paying cash of $8 per share.
Dec. 15 Sold 200 shares of the treasury stock for cash of $11 per share.
Dec. 20 Sold 900 shares of the treasury stock for cash of $4 per share. (Assume the balance in Paid-In Capital from Treasury Stock Transactions on December 20 is $2,300.)
Required -
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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