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:
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 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.) 2. Prepare the shareholders equity section of Anacondas 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 Stock Stock Paid-In $10 par $1 par Capital 90 810 30 960 6 54 Retained Earnings 1,970 30 Total Shareholders' Equity 2,870 990 60 (3) (22) 390 4,285 (95) (3) (26) 96 (7) Balance at January 1, 2021 Sale of preferred shares Sale of common shares Cash dividend, preferred Cash dividend, common Net income Balance at December 31, 2021 Retirement of shares Cash dividend, preferred Cash dividend, common 3-for-2 split effected in the form of a dividend Net income Balance at December 31, 2022 Common stock dividend Cash dividend, preferred Cash dividend, common Net income Balance at December 31, 2023 1,824 (63) (3) (22) 390 2,335 (25) (3) (26) 15 (15) 45 89 1,746 50 540 2,821 (55) 540 4,701 un (3) (28) 582 3,317 (3) (28) 582 45 94 1,796 5,252Step by Step Solution
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