4. National Supply's shareholders' equity included the following accounts at December 31, 2017: Shareholders' Equity (55 in millions) Common stock, 7 million shares at $1 par $ ?,000,000 Paid-in capitalexcess of par 63,000,000 Retained eamings 95,500,000 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, 2018 Reacquired 440,000 shares at $12 per share. February 1?, 2019 Reacquired 440,000 shares at $9.50 per share. November 9, 2020 Sold 305,000 shares at $11 per share (assume FIFO cost}. 2. Prepare the shareholders' equity section of National Supply's balance sheet at December 31, 2020, assuming the shares are (a) retired and (b) accounted for as treasury stock: Net income was $18 million in 2018, $20 million in 2019, and $22 million in 2020. No dividends were paid during the three-year pen'od