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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
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) Additional Paid-In Capital Total Preferred Stock $10 par Common Stock $1 par 60 Retained Earnings 1,794 Shareholders 360 820 42 Equity 2,214 840 49 Balance at January 1, 2018 20 Sale of preferred shares Sale of common shares Cash dividend, preferred Cash dividend, common Net income Balance at December 31, 2018 (14) 310 (14) 310 20 67 1,222 2,088 3,397 Retirement of shares Ca (30) (47) sh dividend, preferred Cash dividend, common (18) (18) 3-for-2 split effected in the form of a dividend 10 (10) 460 3,790 460 (47) (20) Net income Balance at December 31, 2019 30 62 1,182 2,516 Common stock dividend 4 1 sh dividend, preferred Cash dividend, common Net income (20) 502 502 Balance at December 31, 2020 30 68 1,223 2,949 4,270 Required: 1. 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 2. Prepare the shareholders' equity section of Anaconda's comparative balance sheets at December 31, 2020 and 2019
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