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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 Stock $10 par		Common Stock $1 par				Additional Paid-In Capital				Retained Earnings				Total Shareholders' Equity
Balance at January 1, 2021				80				560				1,926				2,566
Sale of preferred shares	30							990								1,020
Sale of common shares				8				56								64
Cash dividend, preferred												(3	)			(3	)
Cash dividend, common												(20	)			(20	)
Net income												370				370
Balance at December 31, 2021	30			88				1,606				2,273				3,997
Retirement of shares				(5	)			(35	)			(18	)			(58	)
Cash dividend, preferred												(3	)			(3	)
Cash dividend, common												(24	)			(24	)
3-for-2 split effected in the form of a dividend	15							(15	)
Net income												520				520
Balance at December 31, 2022	45			83				1,556				2,748				4,432
Common stock dividend				8				61				(69	)
Cash dividend, preferred												(3	)			(3	)
Cash dividend, common												(26	)			(26	)
Net income												562				562
Balance at December 31, 2023	45			91				1,617				3,212				4,965

Required: 1. Infer from the statements the events and transactions that affected Anaconda International Corporations 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 Anacondas comparative balance sheets at December 31, 2023 and 2022.

Record sale of preferred stock.

.....

• Record sale of common stock.
• Record sale of common stock.
• Record declaration of cash dividend for preferred shares.
• Record payment of cash dividend for preferred shares.
• Record declaration of cash dividend for common shares.
• Record payment of cash dividend for common shares.
• Record transfer of net income to retained earnings.
• Record the repurchase of shares for retirement. (Assume weighted average method).

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