Marketsite, Inc. completed the following treasury stock transactions in 2018:
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 Marketsite, Inc. report treasury stock on its balance sheet as of December 31, 2018?
Marketsite, Inc. will report treasury stock beneath retained earnings on the balance sheet as a reduction to total stockholders' equity.
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