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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 $1,2021655201,8602,445$

Sale of preferred shares $30900930$

Sale of common shares $75663$

Cash dividend, preferred $(3)(3)$

Cash dividend, common $(17)(17)$

Net income $340340$

Balance at December $31,202130721,4762,1803,758$

Retirement of shares $(2)(16)(24)(42)$

Cash dividend, preferred $(3)(3)$

Cash dividend, common $(21)(21)$

$3-$for$-2$ split effected in the

form of a dividend $15(15)$

Net income $490490$

Balance at December $31,202245701,4452,6224,182$

Common stock dividend $437(41)$

Cash dividend, preferred $(3)(3)$

Cash dividend, common $(23)(23)$

Net income $532532$

Balance at December $31,202345741,4823,0874,688$

$\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$

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 $2022.$

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