1. Journalize these transactions. Explanations are not required.
2. How will Supermart, Inc. report treasury stock on its balance sheet as of December 31, 2016?

Supermart, Inc. completed the following treasury stock transactions in 2016: Mar. 3 Purchased 1,800 shares of the company's $ 3 par value common stock as treasury stock, paying cash of $ 10 per share. Mar. 17 Sold 400 shares of the treasury stock for cash of $ 12 per share. Mar. 25 Sold 600 shares of the treasury stock for cash of $ 7 per share. Assume that Paid-In Capital from Treasury Stock Transactions has a beginning credit balance of $400