Comparative statements of shareholders equity for Anaconda International Corporation were reported as follows for the fiscal years
Question:
Comparative statements of shareholders’ equity for Anaconda International Corporation were reported as follows for the fiscal years ending December 31, 2024, 2025, and 2026.
Required:
1. Infer from the statements the events and transactions that affected Anaconda International Corporation’s shareholders’ equity during 2024, 2025, and 2026. Prepare the journal entries that reflect those events and transactions.
2. Prepare the shareholders’ equity section of Anaconda’s comparative balance sheets at December 31, 2026 and 2025.
Balance at January 1, 2024 Sale of preferred shares Sale of common shares Cash dividend, preferred Cash dividend, common Net income ANACONDA INTERNATIONAL CORPORATION Statements of Shareholders' Equity For the Years Ended Dec. 31, 2024, 2025, and 2026 ($ in millions) Balance at December 31, 2024 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, 2025 Common stock dividend Cash dividend, preferred Cash dividend, common Net income Balance at December 31, 2026 Preferred Stock $10 par 10 | 10 5 15 | 15|| Common Stock $1 par 55 7 62 (3) 59 6 65 Additional Paid-In Capital 495 470 63 1,028 (27) (5) 996 59 1,055 Retained Earnings 1,878 (1) (16) 290 2,151 (20) (1) (20) 380 2,490 (65) (22) 412 2,814 Total Shareholders' Equity 2,428 480 70 (1) (16) 290 3,251 (50) (20) 380 3,560 (1) (22) 412 3,949
Step by Step Answer:
1 Heres a table summarizing the journal entries for the events and transactions that affected Anacon...View the full answer
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A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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