Required: 1. National Supply reacquired shares of its common stock in two separate transactions and later sold shares. Prepare the entrles for each of the transactions under each of two separate assumptions: the shares are (a) retired and (b) accounted for as treasury stock. 2. Prepare the shareholders' equlty 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 $14 million In 2021, \$16 million in 2022, and \$18 million in 2023 . No dividends were pald during the three-year perlod. Complete this question by entering your answers in the tabs below. 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.) Journal entry worksheet 3 Record the purchase of shares on February 15, 2021 for retirement. Note: Enter debits before cred ts. 2. Prepare the shareholders' equlty 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 \$14 million in 2021, \$16 million in 2022, and \$18 million in 2023 . No dividends were paid during the three-year perlod. Complete this question by entering your answers in the tabs below. 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 joumal entry required" in the first account field.) Journal entry worksheet 3 Record the purchase of 360,000 shares at $8 per share on February 15, 2021 that are accounted for as treasury stock. Note: Enter debits before cred ts. Complete this question by entering your answers in the tabs below. 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 $14 million in 2021, $16 million in 2022, and $18 million in 2023. No dividends were paid during the three-year period. (Enter your answers in whole dollars.)