18-3 National suuply’s shareholders’ equity included the following accounts at December 31, 2010:

18-3National suuply’s shareholders’ equity included the following accounts at December 31, 2010:in Millions6,000,00030,000,00086,500,000Required:1. National Supply reacquired shares of its common stock in two separate transactions and later sold shares. Preapre the entries for each of the transactions under each of the two separate assumptions: the shares are (a) retired and (b) accounted for as treasury stock.Feb. 15, 2011 Reacquired 300,000 shares at $8 per shareFeb. 17, 2011 Reacquired 300,000 shares at $5.50 per shareNov. 9, 2011 Sold 200,000 shares at $7 per share (assume FIFO cost)2. Prepares the shareholders’ equity section of National Supply’s balance sheet at December 31, 2013, assuming the shares are (a) retired and (b) accounted for as treasury stock. Net income was $14 million in 2011, $15 million in 2012, and $16 milion in 2013. No dividends were paid during the three year period.

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