Check my work mode: This shows what is correct or incorrect for the work you have completed National Supply's shareholders' equity included the following accounts at December 31, 2020. Shareholders' Equity Common stock, 6 million shares at $1 par Paid.in capital excess of par Retained earnings $6.000.000 48,000,000 97,000,000 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 () 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 (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 Soved Check my work mode : This shows what is correct or incorrect for the won 2 Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 1 Treasury Reg 1 Retired Reg 2 Stock Prepare the entry for each of the transactions given in the requirement above. Assume shares are retired. (If no entry required for a transaction/event, select "No journal entry required" in the first account field.) No Debit Credit 1 460,000 Date General Journal February 15, 2021 Common stock Paid-in capital - excess of par Retained earnings Cash 600,000 2 2 February 17, 2022 Common stock Pald-in capital - excess of par Paid-in capital - share repurchase Cash hing 3 November 09, 202 Cash Common stock Paid.in capital - excess of par Red Req 1 Treasury Stock > HW-Ch 18-20 2 Complete this question by entering your answers in the tabs below. Reg 1 Retired Reg 1 Treasury 4 points Stock Reg 2 Prepare the entry for each of the transactions given in the requirement above. Assume shares are treasury st for a transaction/event, select "No journal entry required in the first account field.) eBook View transaction list Print Journal entry worksheet 1 2 3 > References 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 2 Complete this question by entering your answers in the tabs below. Req 1 Treasury Reg 1 Retired Stock Reg 2 Prepare the entry for each of the transactions given in the requirement above. Assume shares are treasury stock. (If no entry for a transaction/event, select "No journal entry required in the first account field.) Book View transaction list Print Journal entry worksheet 2 Complete this question by entering your answers in the tabs below. nts 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. (In for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Book Print Journal entry worksheet neYuuu. 1. National Supply reacquired shares of its common stock in two separate transactions and later sold shares. Prepare the entrie each of the transactions under each of two separate assumptions: the shares are (a) retired and (b) accounted for as treasury st 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 $ie 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 retired and (b) accounted for as treasury stock. Net income was $19 million in 2021, $21 million in 2022, and $23 million in 202 dividends were paid during the three-year period Complete this question by entering your answers in the tobs below. Reg 1 Retired Reg 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 $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 $ 0 $
