Problem 18-3 (Algo) Reacquired shares-comparison of retired shares and treasury shares (LO18-5) 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 49,000,000 77,500,000 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 200,000 shares at $10 per share. Reacquired 200,000 shares at $7.50 per share. Sold 125,000 shares at $9 per share (assume FIFO cost). Journal entry worksheet Record the purchase of shares on February 15, 2021 for retirement. Note: Enter debits before credits. Date General Journal Debit Credit February 15, 2021 200,000 Paid-in capital - excess of par Retained earnings Cash 2,000,000 Record entry Clear entry View general journal Journal entry worksheet Record the purchase of 200,000 shares at $10 per share on February 15, 2021 that are accounted for as treasury stock. Note: Enter debits before credits. Date General Journal Debit Credit February 15, 2021 Record entry Clear entry View general journal Journal entry worksheet