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 Common Additional Stock Stock Paid-In $10 par $1 par Capital 90 810 30 960 54 Retained Earnings 1,970 6 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) 540 45 89 5 1,746 50 4,701 540 2,821 (55) (3) (28) 582 3,317 (3) (28) 582 5,252 45 94 1,796 Required: 1. Infer from the statements the events and transactions that affected Anaconda International Corporation's 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 Anaconda's comparative balance sheets at December 31, 2023 and 2022. No Date Debit Credit 1 2021 General Journal Cash Preferred stock Paid-in capital - excess of par, preferred OOO 2 2021 Cash Common stock Paid-in capital - excess of par, common >> > 3 2021 Retained earnings Cash dividends payable, preferred 4 2021 Cash dividends payable, preferred Cash 5 2021 Retained earnings Cash dividends payable, common 6 2021 Cash dividends payable, common Cash 7 2021 Income summary Retained earnings 8 2022 Common stock Paid-in capital - excess of par, common Retained earnings >> Cash 9 2022 Retained earnings Cash dividends payable, preferred 10 2022 Cash dividends payable, preferred Cash 11 2022 Retained earnings Cash dividends payable, common > 12 2022 Cash dividends payable, common Cash 13 2022 Paid-in capital - excess of par, preferred Preferred stock 14 2022 Income summary Retained earnings >> 15 2023 Retained earnings Common stock Paid-in capital - excess of par, common 16 2023 Retained earnings Cash dividends payable, preferred 17 2023 Cash dividends payable, preferred Cash 18 2023 Retained earnings Cash dividends payable, common 19 2023 Cash dividends payable, common Cash 20 2023 Income summary Retained earnings O Required 1 Required 2 Prepare the shareholders' equity section of Anaconda's 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 $ 0 0