Marketplace, Inc. completed the following treasury stock transactions in 2016:
June. 3 Purchased 2,000 shares of the company's $5 par value common stock as treasury stock, paying cash of $15 per share.
June 14 Sold 800 shares of the treasury stock for cash of $20 per share.
Journalize these transactions. Explanations are not required.
How will Marketplace, Inc. report treasury stock on its balance sheet as of December 31, 2016?
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