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				75				450				1,904				2,429
Sale of preferred shares	30							960								990
Sale of common shares				9				54								63
Cash dividend, preferred												(3	)			(3	)
Cash dividend, common												(19	)			(19	)
Net income												360				360
Balance at December 31, 2021	30			84				1,464				2,242				3,820
Retirement of shares				(4	)			(24	)			(20	)			(48	)
Cash dividend, preferred												(3	)			(3	)
Cash dividend, common												(23	)			(23	)
3-for-2 split effected in the form of a dividend	15							(15	)
Net income												510				510
Balance at December 31, 2022	45			80				1,425				2,706				4,256
Common stock dividend				7				47				(54	)
Cash dividend, preferred												(3	)			(3	)
Cash dividend, common												(25	)			(25	)
Net income												552				552
Balance at December 31, 2023	45			87				1,472				3,176				4,780

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.)

• 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.
• 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.
• 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.

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