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National Supply's shareholders' equity included the following accounts at December 31, 2020 Shareholders' Equity Common stock, 6 million shares at $1 par $ 6,000, Paid in capital-excess of par 48,000,000 Retained earnings 97,800,000 Required: 1. National Supply reacquired shares of its common stock in two separate transactions and later sold shares. Prepare the entries for each of the transactions under each of two separate assumptions: the shares are (a) retired and (b) accounted for as treasury stock. February 15, 2021 February 17, 2022 November 9, 2023 Reacquired 460,000 shares at $11 per share. Reacquired 460,000 shares at $8.50 per share. Sold 320,000 shares at $10 per share (assume FIFO cost). 2. Prepare the shareholders' equity section of National Supply's balance sheet at December 31, 2023, assuming the shares are (6) retired and (b) accounted for as treasury stock. Net income was $19 million in 2021. $21 million in 2022, and $23 million in 2022 No dividends were paid during the three-year period Complete this question by entering your answers in the tabs below. Reg 1 Retired Reg 1 Treasury Reg 2 Journal entry worksheet 1 2 3 Record the purchase of shares on February 15, 2021 for retirement. Note: Enter debits before credits Date February 15, 2021 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet > Record the purchase of 460,000 shares at $11 per share on February 15, 2021 that are accounted for as treasury stock. Note: Enter debits before credits. General Journal Debit Credit Date February 15, 2021 Record entry Clear entry View general Journal Req 1 Treasury Reg 1 Retired Stock Reg 2 Prepare the shareholders' equity section of National Supply's balance sheet at December 31, 2023, assuming the shares are (a) retired and (b) accounted for as treasury stock. Net income was $19 million in 2021, $21 million in 2022, and $23 million in 2023. No dividends were paid during the three-year period. (Enter your answers in whole dollars.) Shareholders' Equity Retirement Treasury stock Paid in capital Total shareholders equity 5 05

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