National Supply's shareholders' equity included the following accounts at December 31, 2020: Shareholders' Equity Common stock, 7 million shares at $1 par Paid-in capital-excess of par Retained earnings $ 7,000,000 63,000,000 95,500,000 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 February 17, 2022 November 9, 2023 Reacquired 440,000 shares at $12 per share. Reacquired 440,000 shares at $9.50 per share. Sold 305,000 shares at $11 per share (assume FIFO cost). 2. Prepare the shareholders' equity section of National Supply's balance sheet at December 31, 2023. assuming the shares are (a) retired and (b) accounted for as treasury stock. Net income was $18 million in 2021, $20 million in 2022, and $22 million in 2023. No dividends were paid during the three-year period. Prepare the entry for each of the transactions given in the requirement above. Assume shares are retired. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list X: Record the purchase of shares on February 15, 2021 for retirement. 2. Record the purchase of shares on February 17, 2022 for retirement. 3 Record the sale of shares on November 9, 2023. Credit Prepare the entry for each of the transactions given in the requirement above. Assume shares are treasury stock. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list EX: 1 Record the purchase of 440,000 shares at $12 per share on February 15, 2021 that are accounted for as treasury stock. 15, 2021 2 Record the purchase of 440,000 shares at $9.50 per share on February 17, 2022 that are accounted for as treasury stock. 3 Record the sale of 305,000 shares at $11 per share (assume FIFO cost) on November 9, 2023. Credit Req 1 Retired Req 1 Treasury Stock Req 2 Prepare the shareholders' equity section of National Supply's balance sheet at December 31, 2023, assuming the shares are (a) retired and (b) accounted for as treasury stock. Net income was $18 million in 2021, $20 million in 2022, and $22 million in 2023. No dividends were paid during the three-year period. (Enter your answers in whole dollars.) Retirement Treasury stock Shareholders' Equity Paid-in capital: Common stock Retained earnings Paid-in capital - excess of par Paid-in capital - share repurchase Less: Treasury stock Total shareholders' equity $ 0 $ 0