The Cheesecake Factory Incorporated (NASDAQ: CAKE) is publicly-held and had more than 93 million common shares outstanding as of the end of the 2016 fiscal year. The company has preferred stock authorized but did not have any preferred stock issued. During fiscal year 2016, The Cheesecake Factory declared and paid cash dividends of $0.88 per share, totaling approximately $42.3 million. During that same year, it purchased 2.9 million shares of its own common stock at an approximate cost of $146.5 million. How is the balance of treasury stock shown in the financial statements? O A. On the balance sheet as an asset B. On the income statement as an expense C. On the balance sheet in the stockholders' equity section D. On the income statement as a revenue