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)
	Preferred Stock $10 par		Common Stock $1 par				Additional Paid-In Capital				Retained Earnings				Total Shareholders' Equity
Balance at January 1, 2018				60				540				1,838				2,438
Sale of preferred shares	20							860								880
Sale of common shares				6				54								60
Cash dividend, preferred												(2	)			(2	)
Cash dividend, common												(16	)			(16	)
Net income												330				330
Balance at December 31, 2018	20			66				1,454				2,150				3,690
Retirement of shares				(3	)			(27	)			(26	)			(56	)
Cash dividend, preferred												(2	)			(2	)
Cash dividend, common												(20	)			(20	)
3-for-2 split effected in the form of a dividend	10							(10	)
Net income												480				480
Balance at December 31, 2019	30			63				1,417				2,582				4,092
Common stock dividend				8				77				(85	)
Cash dividend, preferred												(2	)			(2	)
Cash dividend, common												(22	)			(22	)
Net income												522				522
Balance at December 31, 2020	30			71				1,494				2,995				4,590

Required: 1. Infer from the statements the events and transactions that affected Anaconda International Corporations shareholders equity during 2018, 2019, and 2020. Prepare the journal entries that reflect those events and transactions. 2. Prepare the shareholders equity section of Anacondas comparative balance sheets at December 31, 2020 and 2019.

Req 1:

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.

Required 1 Required 2 Prepare the shareholders' equity section of Anaconda's comparative balance sheets at December 31, 2020 and 2019. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) ANACONDA INTERNATIONAL CORPORATION Balance Sheets (Partial) at December 31 2020 2019 Shareholders' Equity Total shareholders' equity $ 0 $ 0 Retained Earnings 1,838 ANACONDA INTERNATIONAL CORPORATION Statements Shareholders' Equity For the Years Ended Dec. 31, 2018, 2019, and 2020 ($ in millions) Preferred Common Additional Stock Stock Paid-In $10 par $1 par Capital Balance at January 1, 2018 60 540 Sale of preferred shares 20 860 Sale of common shares 6 54 Cash dividend, preferred Cash dividend, common Net income Balance at December 31, 2018 20 66 1,454 Retirement of shares (3) (27) Cash dividend, preferred Cash dividend, common 3-for-2 split effected in the form of a dividend 10 (10) Net income Balance at December 31, 2019 30 63 1,417 Common stock dividend 8 77 Cash dividend, preferred Cash dividend, common Net income Balance at December 31, 2020 30 71 1,494 (2) (16) 330 2,150 (26) (2) (20) Total Shareholders' Equity 2,438 880 60 (2) (16) 330 3,690 (56) (2) (20) 480 4,092 480 2,582 (85) (2) (22) 522 2,995 (2) (22) 522 4,590 Required 1 Required 2 Prepare the shareholders' equity section of Anaconda's comparative balance sheets at December 31, 2020 and 2019. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) ANACONDA INTERNATIONAL CORPORATION Balance Sheets (Partial) at December 31 2020 2019 Shareholders' Equity Total shareholders' equity $ 0 $ 0 Retained Earnings 1,838 ANACONDA INTERNATIONAL CORPORATION Statements Shareholders' Equity For the Years Ended Dec. 31, 2018, 2019, and 2020 ($ in millions) Preferred Common Additional Stock Stock Paid-In $10 par $1 par Capital Balance at January 1, 2018 60 540 Sale of preferred shares 20 860 Sale of common shares 6 54 Cash dividend, preferred Cash dividend, common Net income Balance at December 31, 2018 20 66 1,454 Retirement of shares (3) (27) Cash dividend, preferred Cash dividend, common 3-for-2 split effected in the form of a dividend 10 (10) Net income Balance at December 31, 2019 30 63 1,417 Common stock dividend 8 77 Cash dividend, preferred Cash dividend, common Net income Balance at December 31, 2020 30 71 1,494 (2) (16) 330 2,150 (26) (2) (20) Total Shareholders' Equity 2,438 880 60 (2) (16) 330 3,690 (56) (2) (20) 480 4,092 480 2,582 (85) (2) (22) 522 2,995 (2) (22) 522 4,590