Chapter 18 Help Save Bar Update Apple ID Setting Some account services laten you sign in National Supply's shareholders' equity included the following accounts at December 31, 2020: Shareholders' Equity Connon stock, 8 million mhares at $1 par Paid-in capital-excess of par Retained earnings points $ 8,000,000 64,000,000 79,000,000 eBook 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 220,000 shares at 11 per share. Reacquired 220,000 whares at $8.50 per share. Sold 140,000 shares at $10 per share ( ne VITO cost 2. Prepare the shareholders' equity section of National Supply's balance sheet at December 31, 2023, assuming the shares are al retired and (b) accounted for as treasury stock. Net income was $16 million in 2021, $17 million in 2022, and $18 million in 2023. No dividends were paid during the three-year period. Complete this question by entering your answers in the tabs below. Red Retired Treasury Stock Reg 2 Prepare the entry for each of the transactions given in the requirement above. Assume shares are retired. (If no entry is required for a transaction/event, select "No journal entry required in the first account held.) View transaction list Journal entry worksheet Some act 2. Prepare the shareholders' equity section of National Supply's balance sheet at December 31, 2023, assuming the shares are (n) retired and (b) accounted for as treasury stock. Net Income was $16 million in 2021, 577 million in 2022, and $18 million in 2023. No dividends were paid during the three-year period. Complete this question by entering your answers in the tabs below. Reg 1 Retired Req 1 Treasury Stock Reg 2 Prepare the entry for each of the transactions given in the requirement above. Assume shares are treasury stock. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction et Journal entry worksheet 2 3 Record the purchase of 220,000 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 Prow 8 of 10 !!! Next > February 17, 2022 November 9, 2023 Racquired 220,000 shares at $11 per share. Reacquired 220,000 shares at $8.50 per whare. Sold 140,000 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 (a) retired and (b) accounted for as treasury stock. Net Income was $16 million in 2021, $17 million in 2022, and $18 million in 2023. No dividends were paid during the three-year period. Complete this question by entering your answers in the tabs below. Reg 1 Retired Req 1 Treasury 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 $16 million in 2021, $17 million in 2022, and 518 million in 2023. No dividends were paid during the three-year period. (Enter your answers in whole dollars.) Retirement Shareholders' Equity Paid-in capital: Treasury stock I Total shareholders' equity