February 15, 2016	Reacquired 300,000 shares at $8 per share.
February 17, 2017	Reacquired 300,000 shares at $5.50 per share.
November 9, 2018	Sold 200,000 shares at $7 per share (assume FIFO cost).

National Supply's shareholders' equity included the following accounts at December 31, 2015:

Shareholders' Equity

($ in millions)

Common stock, 6 million shares at $1 par

$

6,000,000

Paid-in capitalexcess of par

30,000,000

Retained Earnings

86,500,000

2. Prepare the shareholders equity section of National Supplys balance sheet at December 31, 2018, assuming the shares are (a) retired and (b) accounted for as treasury stock. Net income was $14 million in 2016, $15 million in 2017, and $16 million in 2018. No dividends were paid during the three-year period.