National Supply's shareholders' equity included the following accounts at December 31, 2015: Shareholders' Equity (Smillions) Common stock, 3 million shares at $1 par Paid-in capital-excess of par Retained earnings S 3,000.000 21,000,000 83,500,000 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 280,000 shares at $10 per share February 17, 2017 Reacquired 280,000 shares at $7.50 per share November 9, 2018 Sold 185,000 shares at $9 per share (assume FIFO cost). View transaction list Import a new list Record the repurchase of shares on February 15, 2016 for retirement. 1 2 Record the repurchase of shares on February 17, 20177 for retirement. 3 Record the sale of shares on November 9, 2018. Credit Note:journal entry has been entered Record entry Clear entry View general journal View transaction list X: Import a new list 1 Record the repurchase of shares on February 15, 2016 and accounted as treasury stock. l as 2 Record the shares on February 17, 2017 and accounted as treasury stock Record resale of treasury shares on November 9, 2018 (assumes FIFO cost). 3 Credit Note:journal entry has been entered Record entry Clear entry View general journal 2. Prepare the shareholders' equity section of National Supply's balance sheet at December 31, 2018, assuming the shares are (a) retired and (b) accounted for as treasury stock. Net income was $19 million in 2016, $20 million in 2017, and $21 million in 2018. No dividends were paid during the three-year period. (Enter your answers in whole dollars.) Shareholders' Equity Retirement Treasury stock Paid-in capital Total shareholders' equity National Supply's shareholders' equity included the following accounts at December 31, 2015: Shareholders' Equity (Smillions) Common stock, 3 million shares at $1 par Paid-in capital-excess of par Retained earnings S 3,000.000 21,000,000 83,500,000 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 280,000 shares at $10 per share February 17, 2017 Reacquired 280,000 shares at $7.50 per share November 9, 2018 Sold 185,000 shares at $9 per share (assume FIFO cost). View transaction list Import a new list Record the repurchase of shares on February 15, 2016 for retirement. 1 2 Record the repurchase of shares on February 17, 20177 for retirement. 3 Record the sale of shares on November 9, 2018. Credit Note:journal entry has been entered Record entry Clear entry View general journal View transaction list X: Import a new list 1 Record the repurchase of shares on February 15, 2016 and accounted as treasury stock. l as 2 Record the shares on February 17, 2017 and accounted as treasury stock Record resale of treasury shares on November 9, 2018 (assumes FIFO cost). 3 Credit Note:journal entry has been entered Record entry Clear entry View general journal 2. Prepare the shareholders' equity section of National Supply's balance sheet at December 31, 2018, assuming the shares are (a) retired and (b) accounted for as treasury stock. Net income was $19 million in 2016, $20 million in 2017, and $21 million in 2018. No dividends were paid during the three-year period. (Enter your answers in whole dollars.) Shareholders' Equity Retirement Treasury stock Paid-in capital Total shareholders' equity