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 309 10 449 45 Retained Earnings 1,640 Total Shareholders' Equity 2.000 68 458 785 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 (30) (1) (14) 24e 2,229 (46) (1) (18) (14) 240 1,865 (10) (1) (18) 398 2.226 (59) 390 3,054 (1) (20) 432 2,578 (20) 432 3,465 15 7 2 800 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. View transaction list 1 Record sale of preferred stock. 20 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. View transaction list 8 Record the repurchase of shares for retirement. (Assume weighted average method). 9 Record declaration of cash dividend for preferred shares. 10 Record payment of cash dividend for preferred shares. 11 Record declaration of cash dividend for common shares 12 Record payment of cash dividend for common shares. Credit 13 Record the stock split for preferred shares effected in the form of a dividend. 14 Record transfer of net income to retained earnings. form of a dividend. 14 Record transfer of net income to retained earnings. 15 Record distribution of common stock dividend. 16 Record declaration of cash dividend for preferred shares. 17 Record payment of cash dividend for preferred shares. Credit 18 Record declaration of cash dividend for common shares. 19 Record payment of cash dividend for common shares. 20 Record transfer of net income to retained earnings. 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 Required 1 Required 2
