National Supplys shareholders equity included the following accounts at December 31, 2020:

Shareholders' Equity
Common stock, 9 million shares at $1 par	$	9,000,000
Paid-in capitalexcess of par		81,000,000
Retained earnings		80,500,000

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.

February 15, 2021	Reacquired 240,000 shares at $12 per share.
February 17, 2022	Reacquired 240,000 shares at $9.50 per share.
November 9, 2023	Sold 155,000 shares at $11 per share (assume FIFO cost).

Journal entry (requirements):

1. Record the purchase of 240,000 shares at $12 per share on February 15, 2021 that are accounted for as treasury stock.

2. Record the purchase of 240,000 shares at $9.50 per share on February 17, 2022 that are accounted for as treasury stock.

3. Record the sale of 155,000 shares at $11 per share (assume FIFO cost) on November 9, 2023.