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

Shareholders Equity	($millions)
Common stock, 2 million shares at $1 par	$	2,000,000
Paid-in capitalexcess of par		8,000,000
Retained earnings		70,000,000

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 100,000 shares at $7 per share.
February 17, 2017	Reacquired 100,000 shares at $4.50 per share.
November 9, 2018	Sold 50,000 shares at $6 per share (assume FIFO cost).

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 fora transactionievent, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) February 15, 2016 Reacquired 100,000 shares at $7 per share February 17, 2017 Reacquired 100,000 shares at $4.50 per share. November 9, 2018 Sold 50,000 shares at 56 per share (assume FIFO cost). View transacton list Journal entry worksheet Record the repurchase of shares on February 15, 2016 for retirement. Noter Enter debit: beforc credits Date General Journal Debit Credit February 15, 2016 Record entry Clear entry View general journal View transaction list Journal entry worksheet Record the repurchase of shares on February 15, 2016 and accounted as treasury stock. Note: Enter debits before credits Date General Journal Debit Credit February 15, 2016 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 $10 milion in 2016, S11 million in 2017, and $12 million in 2018. No dividends were paid during the three-year penod. (Enter your answers in whole dollars. Paid-n capital Total shareholders' equity