National included shareholders' equity included the following accounts at December 31, 2015: ($millions) Shareholders' Equity Common stock, 7 million shares at $1 par 7,000,000 35,000,000 Paid-in capital excess of par 89,500,000 Retained earnings 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. (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.) February 15, 2016 Reacquired 360,000 shares at $8 per share. February 17, 2017 Reacquired 360,000 shares at $5.50 per share November 9, 2018 Sold 245,000 shares at $7 per share (assume FIFO cost). view transaction list view general journal Journal Entry Worksheet 1 2 3 Record the repurchase of shares on February 15, 2016 for retirement. General Journal Debit Credit Date February 15, 2016 *Enter debits before credits done clear entry record entry