Comparative statements of shareholders' equity for Anaconda International Corporation were reported as follows for the fiscal years ending December 31, 2016, 2017, and 2018. ANACONDA INTERNATIONAL CORPORATION Statements of Shareholders' Equity For the Years Ended Dec. 31, 2016, 2017, and 2018 $ in millions) Preferred Common Additional Total Stock Stock Paid-In Retained Shareholders $10 par 1 parCapita Earnings Equity 2,442 960 64 Balance at January 1, 2016 70 490 1,882 30 Sale of preferred shares Sale of common shares Cash dividend, preferred Cash dividend, common Net income 56 (18) (18) 350 350 Balance at December 31, 2016 30 78 3,795 (46) 1.476 2.211 (21) Retirement of shares Cash dividend, preferred Cash dividend, common 3-for-2 split effected in the form of a dividend Net income (22) (22) 500 2,664 (45) (24) 542 3,134 (22) 500 4,224 15 (15) Balance at December 31, 2017 45 75 1,440 Common stock dividend Cash dividend, preferred Cash dividend, common Net income (24) 542 4,739 Balance at December 31, 2018 45 80 1,480 Required: 1. Infer from the statements the events and transactions that affected Anaconda International Corporation's shareholders' equity during 2016, 2017, and 2018. Prepare the journal entries that reflect those events and transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions(i.e., 10,000,000 should be entered as View transaction list Record sale of preferred stock. 20 1 2 Record sale of common stock 3 Record declaration of cash dividend for preferred shares 4 Record payment of cash dividend for preferred shares 5 Record declaration of cash dividend for common shares. Credit 6 Record payment of cash dividend for common shares. 7 Record transfer of net income to retained earnings 8 Record the repurchase of shares for retirement. (Assume