National Supply's shareholders' equity included the following accounts at December 31, 2017 Shareholders' Equity Shareholders Equity In millions Common Stock 6,000,000 00 at $1 par Paid in Capital excess of par 30,000,000 00 Retained Earnings 86,500,000 00 Assignment 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 Shares February 15, 2018 Reacquired 300,00 shares at 8 00 per share February 17, 2019 Reacquired 300,00 shares at 5 50 per share November 9, 2020 Sold 200,00 shares at 7 00 per share (assume FIFO cost) 2 )Prepare the shareholders' equity section of National Supply's balance sheet at December 31, 2020, assuming the shares are (a) retired and (b) accounted for as treasury stock Net income was $14 million in 2018, $15 million in 2019, and $16 million in 2020 No dividends were paid during the three year period

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National Supply's shareholders' equity included the following accounts at December 31, 2017: Shareholders' Equity Shareholders Equity In millions Common Stock 6,000,000.00 at $1 par Paid-in

National Supply's shareholders' equity included the following accounts at December 31, 2017:

Shareholders' Equity
Shareholders Equity	In millions
Common Stock	6,000,000.00 at $1 par
Paid-in Capital--excess of par	30,000,000.00
Retained Earnings	86,500,000.00

Assignment:

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.

Shares
February 15, 2018	Reacquired 300,00 shares at 8.00 per share
February 17, 2019	Reacquired 300,00 shares at 5.50 per share
November 9, 2020	Sold 200,00 shares at 7.00 per share (assume FIFO cost)

2.)Prepare the shareholders' equity section of National Supply's balance sheet at December 31, 2020, assuming the shares are (a) retired and (b) accounted for as treasury stock. Net income was $14 million in 2018, $15 million in 2019, and $16 million in 2020. No dividends were paid during the three-year period.