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				70				490				1,882				2,442
Sale of preferred shares	30							930								960
Sale of common shares				8				56								64
Cash dividend, preferred												(3	)			(3	)
Cash dividend, common												(18	)			(18	)
Net income												350				350
Balance at December 31, 2021	30			78				1,476				2,211				3,795
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												500				500
Balance at December 31, 2022	45			75				1,440				2,664				4,224
Common stock dividend				5				40				(45	)
Cash dividend, preferred												(3	)			(3	)
Cash dividend, common												(24	)			(24	)
Net income												542				542
Balance at December 31, 2023	45			80				1,480				3,134				4,739

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 Capital 70 490 30 930 8 56 $10 par $1 par Retained Earnings 1,882 30 Total Shareholders' Equity 2,442 960 64 (3) (18) 350 3,795 (46) (3) (22) 78 (3) 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 1,476 (21) (3) (18) 350 2,211 (22) (3) (22) 15 (15) 500 4,224 45 75 5 1,440 40 500 2,664 (45) (3) (24) 542 3,134 (3) (24) 542 4,739 45 80 1,480