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 $48,000,000$

Retained earnings $91,000,000$

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 $380,000$ shares at $$9$ per share.

February $17,2025$ Reacquired $380,000$ shares at $$6\mathrm{.}50$ per share.

November $9,2026$ Sold $260,000$ shares at $$8$ 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 $$15$ million in $2024,$ $$17$ million in $2025,$ and $$19$ million in $2026.$ No dividends were paid during the three$-$year period.