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Question

Domain Manager-: D cheapDoman. Imported Hom E tmported From Fire. retting-started Problem 18-6 Statement of shareholders' equity LO18-1, 18-3, 18-4, 18-5, 18-6, 18-7 18-8 Comparalive stalements of shareholders equity for Anaconda International Corporation were reportedas follows for the fiscal years ending December 31, 2016, 2017, and 2018 ANACONDA INTERNATIONAL CORPORATION Statements of Shareholders' Equity For the Years Ended Dec. 31, 2016, 2017, and 2018 (S in millions) Preferred Common Additional Total Stock Stock Paid-In Retained Shareholders $10 par S1 par Capital Earnings Equity 70 560 1,684 Balance at January 1, 2016 Sale of preferred shares Sale of common shares 2,314 940 45 20 40 Cash preferred (16) 260 (16) 260 Net income common Balance at December 31. 2016 75 1520 192 (64) 20 3,541 Retirement of shares Cash dividend, preferred Cash dividend, common 3-for-2 spit effected in the form of a dividend (12) (20) 10410 (20) 410 3.845 10 Net income Balance at 1, 201 30 671.446 2,302 Common stock dvidend Cash dividend preferred Cash dividend. common Net income 22452 (22) Balance at December 31 2013 74 1,50726624.273 1. Inter from the statenbents the events and transactions that affected Anaconda loternatonal Corporat ona harehcliders ecuity during 2016,2017 and 2018 Frepare the journa entres that reflect thase eventa and trarsactions it no entry required for a transaction event. select No journal entry required in the first eccount feld an swers in milions10,000.000 should be eotered as 10),

Explanation / Answer

1. Journal

2. Balance sheet (Partial)

Date Account Name Debit Credit 2016 Cash $940 Additional Paid-in capital $920 Preferred stock 20 (To record sale of preferred stock) 2016 Cash 45 Additional Paid-in capital 40 Common stock 5 (To record sale of common stock) 2016 Retained earnings 2 Cash dividend-preferred 2 (To record closing entry for preferred dividends) 2016 Retained earnings 16 Cash dividend-common 16 (To record closing entry for common dividends) 2016 Income summary 260 Retained earnings 260 (To close net income) 2017 Common stock 8 Additional Paid-in capital 64 Retained earnings 12 Cash 84 (To record retirement of shares) 2017 Retained earnings 2 Cash dividend-preferred 2 (To record closing entry for preferred dividends) 2017 Retained earnings 20 Cash dividend-common 20 (To record closing entry for common dividends) 2017 Additional paid-in capital 10 Preferred stock 10 (To record stock split in the form of a dividend) 2017 Income summary 410 Retained earnings 410 (To close net income) 2018 Retained earnings 68 Common stock dividends distributable 7 Additional paid-in capital 61 (To record common stock dividend declared) 2018 Common stock dividends distributable 7 Common stock 7 (To record common stock dividend paid) 2018 Retained earnings 2 Cash dividend-preferred 2 (To record closing entry for preferred dividends) 2018 Retained earnings 22 Cash dividend-common 2 (To record closing entry for common dividends) 2018 Income summary 452 Retained earnings 452 (To close net income)

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