Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Comparative Statements of Shareholders' Equity for Locke Intertechnology Corporation were reported as follows for the fiscal years ending December 31, 2019, 2020, and 2021.

image text in transcribedimage text in transcribedimage text in transcribed

Comparative Statements of Shareholders' Equity for Locke Intertechnology Corporation were reported as follows for the fiscal years ending December 31, 2019, 2020, and 2021. LOCKE INTERTECHIOLOGY CORPORATION Statements of Shareholders Equity For the Years Ended Dec. 31, 2019, 2020, and 2021 ($ in willions) Balance at January 1, 2019 Sale of preferred shares Sale of common shares, 7/1 Cash dividend, preferred Cash dividend, common Net income Balance at December 31, 2019 Retirement of common shares, 4/1 Cash dividend, preferred Cash dividend, common 3-for-2 split effected in the form of a common stock dividend, 8/12 Net income Balance at December 31, 2020 10% conson stock dividend, 5/11 Sale of common shares, 9/1 Cash dividend, preferred Cash dividend, common Net incone Balance at December 31, 2021 Required: Preferred Stock, $10 par Common Additional Stock Paid-in $1 par Cepital Retained Earnings $ 80 $ 590 $ 1,916 Total Shareholders Equity $2,586 10 600 610 9. 93 102 (4) (4) (14) (14) 430 430 10 89 (4) 1,283 (48) 2,328 3,710 (33) (85) (4) (4) (18) (18) 42.5 10 127.5 12.75 3 (42.5) 1,192.5 100 39 530 2,003 (112.75) 530 4,133 42 (2) (2) (41) (41) 450 450 $10 $143.25 $1,331.5 $3,097.25 $4,582 Infer from the statements the events and transactions that affected Locke Intertechnology Corporation's shareholders' equity and compute earnings per share as it would have appeared on the income statements for the years ended December 31, 2019, 2020, and 2021. No potential common shares were outstanding during any of the periods shown (Enter your answers in millions rounded to 2 decimal places (i.e.. 5,500,000 should be entered as 5.50).) Year Numerator Denominator Earnings per share 2019 N 2020 2021

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamental Accounting Principles

Authors: John Wild, Ken Shaw, Barbara Chiappetta

22nd edition

9781259566905, 978-0-07-76328, 77862279, 1259566900, 0-07-763289-3, 978-0077862275

More Books

Students also viewed these Accounting questions

Question

All costs are traceable to the total company. Explain. LO.1

Answered: 1 week ago