As you can see I figured out some of it. But I've been doing these for hours and my brain is mush and I can't figure out what I am doing wrong with the rest of it.
Infer from the statements the events and transactions that affected Anaconda International Corporation's shareholders' equity during 2018, 2019, and 2020. Prepare the journal entries that reflect those events and transactions.
2018
Record sale of preferred stock.
Record sale of common stock.
Record declaration of cash dividend for preferred shares.
Record payment of cash dividend for preferred shares.
Record declaration of cash dividend for common shares.
Record payment of cash dividend for common shares.
Record transfer of net income to retained earnings.
2019
Record the repurchase of shares for retirement. (Assume weighted average method).
Record declaration of cash dividend for preferred shares.
Record payment of cash dividend for preferred shares.
Record declaration of cash dividend for common shares
Record payment of cash dividend for common shares.
Record the stock split for preferred shares effected in the form of a dividend.
Record transfer of net income to retained earnings.
2020
Record distribution of common stock dividend.
Record declaration of cash dividend for preferred shares.
Record payment of cash dividend for preferred shares.
Record declaration of cash dividend for common shares.
Record payment of cash dividend for common shares.
Record transfer of net income to retained earnings.
Comparative statements of shareholders' equity for Anaconda International Corporation were reported as follows for the fiscal years ending December 31, 2018, 2019, and 2020. ANACONDA INTERNATIONAL CORPORATION Statements of Shareholders' Equity For the Years Ended Dec. 31, 2018, 2019, and 2020 ($ in millions) Preferred Common Additional Total Stock Stock Paid-In Retained Shareholders' $10 par $1 par Capital Earnings Equity Balance at January 1, 2018 70 490 1, 882 2, 442 Sale of preferred shares 30 930 960 Sale of common shares 8 56 64 Cash dividend, preferred (3) (3) Cash dividend, common (18) (18) Net income 350 350 Balance at December 31, 2018 30 78 1, 476 2, 211 3,795 Retirement of shares (3) (21) (22) (46) Cash dividend, preferred (3) (3) Cash dividend, common (22) (22) 3-for-2 split effected in the form of a dividend 15 (15) Net income 500 500 Balance at December 31, 2019 45 75 1, 440 2, 664 4, 224 Common stock dividend 5 40 (45) Cash dividend, preferred (3) (3) Cash dividend, common (24) (24) Net income 542 542 Balance at December 31, 2020 45 80 1, 480 3,134 4,739Infer from the statements the events and transactions that affected Anaconda International Corporation's shareholders' equity during 2018, 2019, and 2020. Prepare the journal entries that reflect those events and transactions. [If no entry is required for a transactionfevent, select "No journal entry required" in the rst account eld. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).} 1 2018 Cash Preferred stock 309 Paidin capitalexcess of par. preferred 2 2018 Cash Common stock Paid-in capitalexcess of par, common 3 2018 Retained earnings Cash dividends payable, preferred 4 2018 Cash dividends payable, preferred 3 a Cash 3 Q 5 2018 Retained earnings 1a 9 130 Cash dividends payable, common 6 2018 Cash dividends payable, common a 10 a Cash 9 1a a 7 2018 Income summary a 350 a Retained earnings 9 350 o 8 2019 Common stock a Paid-in capitalexcess of par, common a Retained earnings 0 22 a Cash 0 9 2019 No Transaction Recorded 1 0 2019 No Transaction Recorded 11 2019 No Transaction Recorded 12 2019 No Transaction Recorded 13 2019 No Transaction Recorded 14 2019 No Transaction Recorded 1 5 2020 No Transaction Recorded 10 2020 Retained earnings 0 3 0 Cash dividends payable, preferred a 3 a 17 2020 Cash dividends payable, preferred 0 3 0 Cash 0 3 o 13 2020 Retained earnings 0 Cash dividends payable, common a 19 2020 Cash dividends payable, common 0 Cash 0 20 2020 Income summary a Retained earnings