Comparative statements of shareholders equity for Anaconda International Corporation were reported as follows for the fiscal years ending December $31,2024,2025,$ and $2026.$ANACONDA INTERNATIONAL CORPORATIONStatements of Shareholders' EquityFor the Years Ended December $31,2024,2025,$ and $2026($$ in millions$)$Preferred Stock $$10$ parCommon Stock $$1$ parAdditional Paid$-$In CapitalRetained EarningsTotal Shareholders' EquityBalance at January $1,2024$$ $70$$ $490$$ $1,882$$ $2,442$Sale of preferred shares$ $30930960$Sale of common shares$85664$Cash dividend, preferred$(3)(3)$Cash dividend, common$(18)(18)$Net income$350350$Balance at December $31,202430781,4762,2113,795$Retirement of shares$(3)(21)(22)(46)$Cash dividend, preferred$(3)(3)$Cash dividend, common$(22)(22)3-$for$-2$ split effected in the form of a dividend$15(15)$Net income$500500$Balance at December $31,202545751,4402,6644,224$Common stock dividend$540(45)$Cash dividend, preferred$(3)(3)$Cash dividend, common$(24)(24)$Net income$542542$Balance at December $31,2026$$ $45$$ $80$$ $1,480$$ $3,134$$ $4,739$Required:$1$Infer from the statements the events and transactions that affected Anaconda International Corporation's shareholders equity during $2024,2025,$ and $2026.$ 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.$)2$Prepare the shareholders equity section of Anacondas comparative balance sheets at December $31,2026$ and $2025.$