National Supplys shareholders equity included the following accounts at December 31, 2015 Shareholders Equity ($millions) Common stock, 4 million shares at $1 par $ 4,000,000 Paid in capitalexcess of par 16,000,000 Retained earnings 73,000,000 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 140,000 shares at $7 per share February 17, 2017 Reacquired 140,000 shares at $4 50 per share November 9, 2018 Sold 80,000 shares at $6 per share (assume FIFO cost) Record the repurchase of shares on February 17, 2017 for retirement Record the repurchase of shares on February 15, 2016 for retirement Record the repurchase of shares on February 17, 2017 for retirement Record the sale of shares on November 9, 2018 Record the repurchase of shares on February 15, 2016 and accounted as treasury stock Record the repurchase of shares on February 17, 2017 and accounted as treasury stock Record resale of treasury shares on November 9, 2018 (assumes FIFO cost) Prepare the shareholders equity section of National Supplys balance sheet at December 31, 2018, assuming the shares are (a) retired and (b) accounted for as treasury stock Net income was $12 million in 2016, $13 million in 2017, and $14 million in 2018 No dividends were paid during the three year period (Enter your answers in whole dollars )

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National Supplys shareholders equity included the following accounts at December 31, 2015: Shareholders Equity ($millions) Common stock, 4 million shares at $1 par $ 4,000,000

National Supplys shareholders equity included the following accounts at December 31, 2015:

Shareholders Equity	($millions)
Common stock, 4 million shares at $1 par	$	4,000,000
Paid-in capitalexcess of par		16,000,000
Retained earnings		73,000,000

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 140,000 shares at $7 per share.
February 17, 2017	Reacquired 140,000 shares at $4.50 per share.
November 9, 2018	Sold 80,000 shares at $6 per share (assume FIFO cost).

Record the repurchase of shares on February 17, 2017 for retirement.

Record the repurchase of shares on February 15, 2016 for retirement.

Record the repurchase of shares on February 17, 2017 for retirement.

Record the sale of shares on November 9, 2018.

Record the repurchase of shares on February 15, 2016 and accounted as treasury stock.

Record the repurchase of shares on February 17, 2017 and accounted as treasury stock.

Record resale of treasury shares on November 9, 2018 (assumes FIFO cost).

Prepare the shareholders equity section of National Supplys balance sheet at December 31, 2018, assuming the shares are (a) retired and (b) accounted for as treasury stock. Net income was $12 million in 2016, $13 million in 2017, and $14 million in 2018. No dividends were paid during the three-year period. (Enter your answers in whole dollars.)