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 300,000 shares at $9 per share. Reacquired 300,000 shares at $6.50 per share. Sold 200,000 shares at $8 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 $20 million in 2021, $21 million in 2022, and $22 million in 2023. No dividends were paid during the three-year period. Complete this question by entering your answers in the tabs below
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 300,000 shares at $9 per share. Reacquired 300,000 shares at $6.50 per share. Sold 200,000 shares at $8 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 $20 million in 2021, $21 million in 2022, and $22 million in 2023. No dividends were paid during the three-year period. Complete this question by entering your answers in the tabs below
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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