Discount Center Furniture, Inc. completed the following treasury stock transactions in 2016: (Click the icon to view the transactions.) 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, 2016? Requirement 1. Journalize these transactions. (Record debits first, then credits. Exclude explanations from any journal entries.) Dec. 1: Purchased 1,200 shares of the company's $1 par value common stock as treasury stock, paying cash of $5 per share. Date Accounts and Explanation Debit Credit Dec. 1