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 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 Required: Stock $10 par Common Stock $1 par Additional Paid-In Retained Total Shareholders' Capital Earnings Equity 85 680 1,750 2,515 20 980 8 64 1,000 72 (2) (2) (19) (19) 290 290 20 93 1,724 2,019 3,856 (7) (56) (15) (78) (2) (2) (23) (23) 10 (10) 440 30 86 4 1,658 2,419 440 4,193 37 (41) (2) (25) (2) (25) 482 482 30 90 1,695 2,833 4,648 1. Infer from the statements the events and transactions that affected Anaconda International Corporation's shareholders' equity during 2021, 2022, and 2023. Prepare the journal entries that reflect those events and transactions. (Hint: In lieu of revenues and expenses. use an account titled "Income summary" to close net income or net loss.) 2. Prepare the shareholders' equity section of Anaconda's comparative balance sheets at December 31, 2023 and 2022.
Comparative statements of shareholders' equity for Anaconda International Corporation were reported as follows for the fiscal years ending December 31, 2021, 2022, and 2023. ANACONDA INTERNATIONAL CORPORATION Statements of Shareholders' Equity For the Years Ended Dec. 31, 2021, 2022, and 2023 ($ in millions) Preferred 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 Required: Stock $10 par Common Stock $1 par Additional Paid-In Retained Total Shareholders' Capital Earnings Equity 85 680 1,750 2,515 20 980 8 64 1,000 72 (2) (2) (19) (19) 290 290 20 93 1,724 2,019 3,856 (7) (56) (15) (78) (2) (2) (23) (23) 10 (10) 440 30 86 4 1,658 2,419 440 4,193 37 (41) (2) (25) (2) (25) 482 482 30 90 1,695 2,833 4,648 1. Infer from the statements the events and transactions that affected Anaconda International Corporation's shareholders' equity during 2021, 2022, and 2023. Prepare the journal entries that reflect those events and transactions. (Hint: In lieu of revenues and expenses. use an account titled "Income summary" to close net income or net loss.) 2. Prepare the shareholders' equity section of Anaconda's comparative balance sheets at December 31, 2023 and 2022.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Comparative statements of shareholders' equity for Anaconda International Corporation were reported as follows for the fiscal years
ending December 31, 2021, 2022, and 2023.
ANACONDA INTERNATIONAL CORPORATION
Statements of Shareholders' Equity
For the Years Ended Dec. 31, 2021, 2022, and 2023
($ in millions)
Preferred
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
Required:
Stock
$10 par
Common
Stock
$1 par
Additional
Paid-In
Retained
Total
Shareholders'
Capital
Earnings
Equity
85
680
1,750
2,515
20
980
8
64
1,000
72
(2)
(2)
(19)
(19)
290
290
20
93
1,724
2,019
3,856
(7)
(56)
(15)
(78)
(2)
(2)
(23)
(23)
10
(10)
440
30
86
4
1,658
2,419
440
4,193
37
(41)
(2)
(25)
(2)
(25)
482
482
30
90
1,695
2,833
4,648
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.
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