National Supply's shareholders' equity included the following accounts at December 31, 2023 Shareholders' Equity Common stock, 3 million shares at $1 par $ 3,000,000 Paid-in capital-excess of par 9, 000, 000 Retained earnings 71, 500, 090 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, 2024 Reacquired 120,000 shares at $6 per share. February 17, 2025 Reacquired 120,000 shares at $3.50 per share. November 9, 2026 Sold 65,000 shares at $5 per share (assume FIFO cost) 2. Prepare the shareholders' equity section of National Supply's balance sheet at December 31, 2026, assuming the shares are (a) retired and (b) accounted for as treasury stock. Net income was $11 million in 2024, $12 million in 2025, and $13 million in 2026 No dividends were paid during the three-year period. Complete this question by entering your answers in the tabs below. Req 1 Retired Req 1 Treasury Stock Req 2 Prepare the shareholders' equity section of National Supply's balance sheet at December 31, 2026, assuming the shares are (a) retired and (b) accounted for as treasury stock. Net income was $11 million in 2024, $12 million in 2025, and $13 million in 2026. No dividends were paid during the three-year period. Note: Enter your answers in whole dollars and not in millions. Show less A Shareholders' Equity Retirement Treasury stock Paid-in capital Common stock $ 3,000,000 Paid-in capital - excess of par 9.000,000 Paid-in capital - share repurchase Retained earnings Less: Treasury stock of Total shareholders equity 0 $ 12,000,000