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 the balance in Paid-In Capital from Treasury Stock Transactions on March 24 is $ 1,200.)
Journalize these transactions. Explanations are not required.
How will Supermart, Inc. report treasury stock on its balance sheet as of December 31, 2016?
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