Retained Earnings 1,552 Total Shareholders Equity 1,872 410 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 Balance at January 1, 2021 40 280 Sale of preferred shares 10 400 Sale of common shares 5 35 Cash dividend, preferred Cash dividend, common Net income Balance at December 31, 2021 10 45 715 Retirement of shares (2) (14) Cash dividend, preferred Cash dividend, common 3-for-2 split effected in the form of a dividend 5 5 (5) Net income Balance at December 31, 2022 15 43 696 Common stock dividend 5 40 Cash dividend, preferred Cash dividend, common Net income Balance at December 31, 2023 15 48 736 (1) (10) 200 1,741 (18) (1) (14) (1) (10) 200 2,511 (34) (1) (14) ***** 350 2,812 350 2,058 (45) (1) (16) 382 2,378 (1) (16) 382 3,177 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. Complete this question by entering your answers in the tabs below. 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 (.e., 10,000,000 should be entered as 10).) Show less View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 20 > > Record sale of preferred stock. Note: Enter debits before credits. Date General Journal 2021 Debit Credit Record entry Clear entry View general Journal 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. Complete this question by entering your answers in the tabs below. 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
