Consolidated Statement of Financial Position International Business Machines Corporation and Subsidiary Companies Liabilities and equity Current liabilities Taxes 4,219 S 3,235 Short-term debt 6.987 7,513 Accounts payable 6,451 6,209 Compensation and benefits 8,644 3,577 Deferred income 11,552 11,035 Other accrued expenses and liabilities 4,510 4,705 Total current liabilities 37,363 36,275 Long-term debt D&J 39,837 34,655 Retirement and nonpension postretirement benefit obligations S 16,720 17,070 Deferred income 3,746 3,600 Other liabilities K 9,965 7,477 Total liabilities 107,631 99,078 Contingencies and commitments M Equity L IBM stockholders equity Common stock, par value $.20 per share, and additional paid in capital 54,566 53,935 Shares authorized: 4,687,500,000 Shares issued (2017 - 2,229,428,813; 2016- 2,225,116,815) Retained earnings 153,126 152,759 Treasury stock, at cost (shares: 2017-1, 307,249,588; 2016-1,279,249.412) (163,507) (159,050) Accumulated other comprehensive income/(loss) (26,592) (29.398) Total IBM stockholders' equity 17,594 18,246 Noncontrolling interests A 131 146 Total equity 17,725 18,392 Total liabilities and equity $ 125,356 $ 117,470Kania School Of Management Consolidated Statement of Earnings International Business Machines Corporation and Subsidiary Companies ($ in millions except per share amounts) For the year ended December 31: Notes 2017 2016 2015 Revenue Services $50,709 $51,268 $49,911 Sales 26, 715 26,942 29,967 Financing 1,715 1,710 1,864 Total revenue T 79,139 79,919 81,741 Cost Services 34,447 34,021 33,126 Sales 7,256 6,559 6,920 Financing 1,210 1,044 1,011 Total cost 42,913 41,625 41,057 Gross profit 36,227 38,294 40.684 Expense and other (income) Selling, general and administrative 20,107 21,069 20,430 Research, development and engineering 0 5,787 5,751 5,247 Intellectual property and custom development income (1,466) (1,631) (682) Other (income) and expense 216 145 (724) Interest expense D&J 615 630 468 Total expense and other (income) 24,827 25,964 24,740 Income from continuing operations before income taxes 11,400 12,330 15,945 Provision for income taxes N 5,642 449 2,581 Income from continuing operations 5,758 11,881 13,364 Loss from discontinued operations, net of tax C (5 ) (9) (174) Net income $ 5,753 $11,872 $13,190Shareholders Equity IBM Using IBM's financial statements, answer the following questions for the fiscal year ending December 31, 2017: 1. How many common shares did IBM issue in 2017? 2. How many common shares did IBM repurchase in 2017? 3. How many common shares are issued and outstanding at December 31, 2017? 4. How much did IBM pay for treasury stock in 2017? 5. What was the average price that IBM paid per share for treasury stock in 2017? 6. Approximately how much did IBM pay in dividends in 2017? 7. Compute ROE for IBM for the fiscal year ending December 31, 2017, using total equity in the denominator of the ratio. 8. Compute ROE for IBM for the fiscal year ending December 31, 2017 if the company had not repurchased stock