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 $140,000$ shares at $$7$ per share.

February $17,2025$ Reacquired $140,000$ shares at $$4\mathrm{.}50$ per share.

November $9,2026$ Sold $80,000$ shares at $$6$ per share $($assume FIFO 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 $$12$ million in $2024,$ $$13$ million in $2025,$ and $$14$ million in $2026.$ No dividends were paid during the three$-$year period.