Good Day Chegg Team! Please see attached image for relevant and important information$\mathrm{.}2$ National Supply's shareholders' equity included the following accounts at December $31,2023$:

Shareholders' Equity

Common stock, $8$ million shares $at$ $$1$ par $$8,000,000$

Paid$-in$ capital$-$excess $of$ par $64,000,000$

Retained earnings $94,000,000$

Required:

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 $15,2024$ Reacquired $420,000$ shares at $$11$ per share.

February $17,2025$ Reacquired $420,000$ shares at $$8\mathrm{.}50$ per share.

November $9,2026$ Sold $290,000$ shares at $$10$ per share $($assume FIF$0$ cost$).$

Prepare the shareholders' equity section of National Supply's balance sheet at December $31,2026,$ assuming the shares are $($a$)$

retired and $($b$)$ accounted for as treasury stock. Net income was $$17$ million in $2024,$ $$19$ million in $2025,$ and $$21$ million in $2026.$

No dividends were paid during the three$-$year period.

Complete this question by entering your answers in the tabs below.

Prepare the entry for each of the transactions given in the requirement above. Assume shares are retired.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Enter your answers in

whole dollars and not in millions.