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Required 1 of 2: Record sale of preferred stock. 2021 Record sale of common stock. 2021 Record declaration of cash dividend for preferred shares. 2021
Required 1 of 2:
- Record sale of preferred stock. 2021
- Record sale of common stock. 2021
- Record declaration of cash dividend for preferred shares. 2021
- Record payment of cash dividend for preferred shares. 2021
- Record declaration of cash dividend for common shares. 2021
- Record payment of cash dividend for common shares. 2021
- Record transfer of net income to retained earnings. 2021
- Record the repurchase of shares for retirement. (Assume weighted average method). 2022
- Record declaration of cash dividend for preferred shares. 2022
- Record payment of cash dividend for preferred shares. 2022
- Record declaration of cash dividend for common shares 2022
- Record payment of cash dividend for common shares. 2022
- Record the stock split for preferred shares effected in the form of a dividend. 2022
- Record transfer of net income to retained earnings. 2022
- Record distribution of common stock dividend. 2023
- Record declaration of cash dividend for preferred shares. 2023
- Record payment of cash dividend for preferred shares. 2023
- Record declaration of cash dividend for common shares. 2023
- Record payment of cash dividend for common shares. 2023
- Record transfer of net income to retained earnings. 2023
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 65 455 20 900 7 49 Retained Earnings 1,662 20 Total Shareholders Equity 2,182 920 56 (2) (15) 250 3,391 (70) (2 (19) 72 (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 1,404 (49) (2) (15) 250 1,895 (14) (2) (19) 10 (10) 400 3,700 30 65 8 1,345 61 400 2,260 (69) (2) (21) 442 2,610 (2) (21) 442 4,119 30 73 1,406 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. Required 1 Required 2 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.) (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 10).) Show less View transaction list Journal entry worksheet Record sale of preferred stock. Note: Enter debits before credits. Date General Journal Debit Credit 2021 Record entry Clear entry View general journal 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 $
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