Comparative statements of shareholders' equity for Anaconda International Corporation were reported as follows for the fiscal...

 

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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 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 10 10 5 15 15 Common Stock $1 par 45 6 51 (3) 48 6 54 Additional Paid-In Capital 360 410 48 818 (24) (5) 789 53 842 Retained Earnings. 1,574 (1) (11) 210 1,772 (16) (1) (15) 360 2,100 (59) (1) (17) 392 2,415 Total Shareholders' Equity 1,979 420 54 (1) (11) 210 2,651 (43) (1) (15) 360 2,952 (1) (17) 392 3,326 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. 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 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 10 10 5 15 15 Common Stock $1 par 45 6 51 (3) 48 6 54 Additional Paid-In Capital 360 410 48 818 (24) (5) 789 53 842 Retained Earnings. 1,574 (1) (11) 210 1,772 (16) (1) (15) 360 2,100 (59) (1) (17) 392 2,415 Total Shareholders' Equity 1,979 420 54 (1) (11) 210 2,651 (43) (1) (15) 360 2,952 (1) (17) 392 3,326 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.

Answer rating: 100% (QA)

1 2021 Cash Preferred Stock Paidin Capital in excess of par preferred Cash ... View the full answer