Retire stock, Treasury stock, Shareholders' Equity

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National Supply's shareholders' equity included the following accounts at December 31, 2020: Shareholders' Equity Common stock, 2 million shares at $1 par Paid-in capital-excess of par Retained earnings $ 2,000,000 8,000,000 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. February 15, 2021 February 17, 2022 November 9, 2023 Reacquired 100,000 shares at $7 per share. Reacquired 100,000 shares at $4.50 per share. Sold 50,000 shares at $6 per share (assume FIFO cost). 2. 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 $10 million in 2021, $11 million in 2022, and $12 million in 2023. No dividends were paid during the three-year period. Complete this question by entering your answers in the tabs below. Req 1 Retired Req 1 Treasury Stock Req 2 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 $10 million in 2021, $11 million in 2022, and $12 million in 2023. No dividends were paid during the three-year period. (Enter your answers in whole dollars.) Retirement Shareholders' Equity Paid-in capital: Treasury stock Total shareholders' equity 0 0