After being in business for several years and issuing its common stock to the public, Discount Center, Inc., completed the following treasury stock transactions: (Click the icon to view the transactions.) Read the requirements Requirement 1. Joumalize these transactions. Explanations are not required. (Record debits first, then credits. Exclude explanations from any journal entries.) Begin by journalizing the purchase of the treasury stock Journal Entry Accounts Debit Credit X More info a Purchased 2,700 shares of the company's $1 par common stock as treasury stock, paying cash of $9 per share Sold 1,700 shares of the treasury stock for cash of $12 per share b Now let's joumalize the sale of the treasury stock. Journal Entry Accounts Debit Credit Print Done b Requirement 2. What kind of account is Treasury stock? After completing the two transactions, how should Discount Center, Inc., report the treasury stock on its balance sheet? Treasury stock is After completing the two transactions, how should Discount Center, Inc., report the treasury stock on its balance sheet? Complete the partial balance sheet below to show how the company should record the treasury stock on its balance sheet. (Complete all answer boxes.) Requirement 2. What kind of account is Treasury stock? After completing the two transactions, how should Discount Center, Inc., report the treasury stock on its balance sheet? Treasury stock is After completing th (Complete all ans unt Center, Inc., report the treasury stock on its balance sheet? Complete the partial balance sheet below to show how the company should record the treasury stock on its balance sheet. a contra-asset account. IC. ial) a contra-equity account. Total paid-in capit $ XXX, XXX XXX,XXX Retained earnings a contra-expense account. Subtotal XXX,XXX a contra-liability account. Treasury shares @ Total Stockholders' Equity $ XXX,XXX After completing the two transactions, how should Discount Center, Inc., report the treasury stock on its balance sheet? Complete the partial balance sheet below to show how the company should record the treasury stock on its balance sheet. (Complete all answer boxes.) Discount Center, Inc. Balance Sheet (partial) Total paid-in capital $ XXX, XXX XXX,XXX Retained earnings Subtotal XXX,XXX Treasury stock at shares @ Total Stockholders' Equity $ XXX,XXX