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National Supply's shareholders' equity included the following accounts at December 31, 2023: 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 25, 2024 Reacquired 240, 00e shares at $12 per share. February 17, 2025 Reacquired 240 , 000 shares at $9.50 per share. November 9, 2026 Sold 155, 6ee shares at $11 per share (assuee FIFo cost). 2. 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, \$18 million in 2025, and \$19 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. Prepare the entry for each of the transactions given in the requirement above. Assume shares are redred. 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. Journal entry worksheet 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, 2024 Reacquired 240 , 000 shares at $12 per share. February 17,2025 Reacquired 240 , 000 shares at $9.50 per share. November 9, 2026 Sold 155, 008 shares at $11 per share (assune FIFO cost). 2. 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,$18 million in 2025 , and $19 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 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,$18 million in 2025 , and $19 million in 2026. No dividends were paid during the three-year perlod. Note: Enter your answers in whole dollars and not in millions
