Comparative statements of shareholders? equity for Anaconda International Corporation were reported as follows for the fiscal years ending December 31, 2021, 2022, and 2023.

Required:1. Infer from the statements the events and transactions that affected Anaconda International Corporation?s shareholders? equity during 2021, 2022, and 2023. Prepare the journal entries that reflect those events and transactions.2. Prepare the shareholders? equity section of Anaconda?s comparative balance sheets at December 31, 2023 and 2022.

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ANACONDA INTERNATIONAL CORPORATION Statements of Shareholders' Equity For the Years Ended Dec. 31, 2021, 2022, and 2023 ($ in millions) Preferred Common Additional Total Stock Stock Paid-In Retained Shareholders' $1 par $10 par Equity Capital Earnings 2,428 Balance at January 1, 2021 Sale of preferred shares 55 495 1,878 470 10 480 Sale of common shares 63 70 Cash dividend, preferred (1) (16) (1) Cash dividend, common (16) Net income 290 290 Balance at December 31, 2021 10 62 1,028 2,151 3,251 (20) (1) (20) Retirement of shares (3) (27) (50) (1) (20) Cash dividend, preferred Cash dividend, common 3-for-2 split effected in the (5) form of a dividend Net income 380 380 Balance at December 31, 2022 15 59 996 2,490 3,560 Common stock dividend 59 (65) (1) (22) Cash dividend, preferred (1) (22) Cash dividend, common Net income 412 412 1,055 Balance at December 31, 2023 15 65 2,814 3,949