Comparative statements of shareholders? equity for Anaconda International Corporation were reported as follows for the fiscal years
Question:
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.
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
Step by Step Answer:
Requirement 1 2021 in millions Cash 480 Preferred stock1 million shares x 10 par per share 10 Paidin capital x excess of par preferred 470 Cash 70 Com...View the full answer
Intermediate Accounting
ISBN: 978-1260481952
10th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
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A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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