Question

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 240,000 shares at $12 per share. Reacquired 240,000 shares at $9.50 per share. Sold 155,000 shares at $11 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 $17 million in 2021, $18 million in 2022, and $19 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 $17 million in 2021, $18 million in 2022, and $19 million in 2023. No dividends were paid during the three-year period. (Enter your answers in whole dollars.) Shareholders' Equity Paid-in capital: Common stock Paid-in capital - excess of par Paid-in capital - share repurchase Retained earnings Less: Treasury stock Total shareholders' equity Retirement Treasury stock $ 0 $ 0

          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 240,000 shares at $12 per share.
Reacquired 240,000 shares at $9.50 per share.
Sold 155,000 shares at $11 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 $17 million in 2021, $18 million in 2022,
and $19 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 $17 million in 2021, $18 million in 2022, and $19 million
in 2023. No dividends were paid during the three-year period. (Enter your answers in whole dollars.)
Shareholders' Equity
Paid-in capital:
Common stock
Paid-in capital - excess of par
Paid-in capital - share repurchase
Retained earnings
Less: Treasury stock
Total shareholders' equity
Retirement
Treasury stock
$ 0 $
0

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 240,000 shares at 12 per share.
Reacquired 240,000 shares at9.50 per share.
Sold 155,000 shares at 11 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 was17 million in 2021, 18 million in 2022,
and19 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 17 million in 2021,18 million in 2022, and 19 million
in 2023. No dividends were paid during the three-year period. (Enter your answers in whole dollars.)
Shareholders' Equity
Paid-in capital:
Common stock
Paid-in capital - excess of par
Paid-in capital - share repurchase
Retained earnings
Less: Treasury stock
Total shareholders' equity
Retirement
Treasury stock 0 0

Added by Brett H.

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