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Comparative Statements of Shareholders' Equity for Locke Intertechnology Corporation were reported as follows for the fiscal years ending December 31, 2019, 2020, and 2021. Retained
Comparative Statements of Shareholders' Equity for Locke Intertechnology Corporation were reported as follows for the fiscal years ending December 31, 2019, 2020, and 2021. Retained Earnings $ 1,888 LOCKE INTERTECHNOLOGY CORPORATION Statements of Shareholders' Equity For the Years Ended Dec. 31, 2019, 2020, and 2021 ($ in millions) Preferred Common Additional Stock, Stock, Paid-in $10 par $1 par Capital Balance at January 1, 2019 $ 70 $ 520 Sale of preferred shares 10 460 Sale of common shares, 7/1 9 79 Cash dividend, preferred Cash dividend, common Net income Balance at December 31, 2019 10 79 1,059 Retirement of common shares, 4/1 (6) (34) Cash dividend, preferred Cash dividend, common 3-for-2 split effected in the form of a common stock dividend, 8/12 36.5 (36.5) Net income Balance at December 31, 2020 10 109.5 988.5 10% common stock dividend, 5/1 10.95 110 Sale of common shares, 9/1 3 36 Cash dividend, preferred Cash dividend, common Net income Balance at December 31, 2021 $10 $123.45 $1,134.5 (2) (16) 290 2,160 (19) (2) (20) Total Shareholders' Equity $2,478 470 88 (2) (16) 290 3,308 (59) (2) (20) 390 390 2,509 (120.95) 3,617 (4) (27) 422 $ 2,779.05 39 (4) (27) 422 $4,047 Required: 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 1 = 2020 1 = 2021 /
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