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

ANACONDA INTERNATIONAL CORPORATION Statements of Shareholders' Equity For the Years Ended Dec. 31, 2021, 2022, and 2023 ($ in millions)
	Preferred Stock $10 par		Common Stock $1 par				Additional Paid-In Capital				Retained Earnings				Total Shareholders' Equity
Balance at January 1, 2021				90				810				1,970				2,870
Sale of preferred shares	30							960								990
Sale of common shares				6				54								60
Cash dividend, preferred												(3	)			(3	)
Cash dividend, common												(22	)			(22	)
Net income												390				390
Balance at December 31, 2021	30			96				1,824				2,335				4,285
Retirement of shares				(7	)			(63	)			(25	)			(95	)
Cash dividend, preferred												(3	)			(3	)
Cash dividend, common												(26	)			(26	)
3-for-2 split effected in the form of a dividend	15							(15	)
Net income												540				540
Balance at December 31, 2022	45			89				1,746				2,821				4,701
Common stock dividend				5				50				(55	)
Cash dividend, preferred												(3	)			(3	)
Cash dividend, common												(28	)			(28	)
Net income												582				582
Balance at December 31, 2023	45			94				1,796				3,317				5,252

Infer from the statements the events and transactions that affected Anaconda International Corporations shareholders equity during 2021, 2022, and 2023. Prepare the journal entries that reflect those events and transactions. (Hint: In lieu of revenues and expenses, use an account titled "Income summary" to close net income or net loss.) (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).)

• Record sale of preferred stock

Date	General Journal	Debit	Credit
2021

2. Prepare the shareholders equity section of Anacondas comparative balance sheets at December 31, 2023 and 2022. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10)

ANACONDA INTERNATIONAL CORPORATION.
Balance Sheets
	at December 31
	2023	2022
Shareholders Equity:
Total shareholders equity	$0	$0