National Supplys shareholders equity included the following accounts at December 31, 2015: Shareholders Equity ($millions) Common stock, 5 million shares at $1 par $ 5,000,000 Paid-in capitalexcess of par 30,000,000 Retained earnings 98,500,000 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. (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 480,000 shares at $9 per share. February 17, 2017 Reacquired 480,000 shares at $6.50 per share. November 9, 2018 Sold 335,000 shares at $8 per share (assume FIFO cost).

2. 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 $20 million in 2016, $22 million in 2017, and $24 million in 2018. No dividends were paid during the three-year period. (Enter your answers in whole dollars.)

Solved 1st part, need second part answer

National Supply's shareholders' equity included the following accounts at December 31, 2015 Shareholders' Equity (Smillions) Common stock, 5 million shares at $1 par 5,000,000 Paid-in capital-excess of par Retained earnings 30,000,000 98,500,000 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. (lf 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 February 17, 2017 November 9, 2018 Reacquired 480,000 shares at $9 per share. Reacquired 480,000 shares at $6.50 per share. Sold 335,000 shares at $8 per share (assume FIFO cost) View transaction list View journal entry worksheet