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.)

******** THIS IS THE ONLY ONE I NEED HELP WITH, NEED THE MISSING VALUES *****

View transaction list View journal entry worksheet Credit No 1 Date General Journal February 15, 2016 Common stock Paid-in capitalexcess of par Retained earnings Cash Debit 100,000 400,000 200,000 700,000 2 100,000 400,000 February 17, 2017 Common stock Paid-in capitalexcess of par Cash Paid-in capital-share repurchase 450,000 50,000 3 300.000 November 09, 2018 Cash Common stock Paid-in capitalexcess of par 50,000 250,000 View transaction list View journal entry worksheet General Journal Credit No 1 Date February 15, 2016 Treasury stock Cash Debit 700,000 700.000 2 February 17, 2017 Treasury stock 450,000 Cash 450,000 3 November 09, 2018 Cash Retained earnings Treasury stock 300,000 50,000 350,000 Retirement Treasury stock $ 2,000,000 8,000,000 Shareholders' Equity Paid-in capital: Common stock Paid-in capital-excess of par Paid-in capital-share repurchase Retained earnings Less: Treasury stock Total shareholders equity 50,000 $ 50,000 $ 10,000,000