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).
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 $10 million in 2016, $11 million in 2017, and $12 million in 2018. No dividends were paid during the three-year period. (Enter your answers in whole dollars.) PLEASE CALCULATE THE TWO VALUES BELOW WHICH I HAVE GOTTEN INCORRECT. THANK YOU!!!

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 million in 2016, $11 million in 2017, and $12 million in 2018. No dividends were paid during the three-year period. (Enter your answers in whole dollars.) Answer is complete but not entirely correct. Shareholders' Equity Retirement Treasury stock Paid-in capital: Common stock Paid-in capital-excess of par Paid-in capita-share repurchase 1.850.000 $ 2.000.000 1,850,000 2,000,000 8.000.000 50,000 102.800.000 Retained earnings Less: Treasury stock Total shareholders' equity 102.950.000 1,050,000) 111,900,000 104,700,000