National supply’s shareholders’ equity included the following accounts at december 31, 2017: shareholders' equity($ in millions)common stock, 7 million shares at $1 par$7,000,000paid-in capital—excess of par 35,000,000retained earnings 89,500,000required: 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, 2018reacquired 360,000 shares at $8 per share. february 17, 2019reacquired 360,000 shares at $5.50 per share. november 9, 2020sold 245,000 shares at $7 per share (assume fifo cost).