coffee Furniture, Inc. completed the following treasury stock transactions in 2016:

December

1 Purchased 1,600 shares of the company's $1 par value common stock as treasury stock, paying cash of $7 per share.

15 Sold 200 shares of the treasury stock for cash of $10 per share.

20 Sold 1,300 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 $2,400.) Requirements

1. Journalize these transactions. Explanations are not required.

2. How will Furniture, Inc. report treasury stock on its balance sheet as of December 31, 2016 ?