Question
Equity Common stock with $.01 par value 80 (9,000 million shares authorized, 8,019 million shares issued) Additional paid in capital 15,557 Earnings reinvested 421,341 Accumulated
Equity |
|
|
Common stock with $.01 par value |
| 80 |
(9,000 million shares authorized, 8,019 million shares issued) |
|
|
Additional paid in capital |
| 15,557 |
Earnings reinvested |
| 421,341 |
Accumulated other comprehensive income |
| (19,493) |
Common stock held in treasury |
|
|
(3,785 million shares in 2019) |
| (225,835) |
ExxonMobil share of equity |
| 191,650 |
Above is the stockholders equity section of EXs balance sheet at the end of 2019 in millions. The following happened in 2020 (everything in millions):
Net income of $19,710
Total other comprehensive income for 2020 is $3,910.
April - Compensation associated with stock options granted in 2017 were earned. At the beginning of 2017 6 million options were granted with a fair value of $5 each to be vested over 3 years of employment (not included in shares outstanding).
Stock was repurchased in the open market on February 1 and September 1. Both times EX spent exactly 7,000. The share price on Feb 1 was $154 and on Sep 1 was $168.
Stock options granted in 2013 (already earned) were exercised on July 1 to purchase 400 million shares at $125 each. The stock released from the treasury to cover these shares was originally purchased by EX for $105 per share.
A stock split that is accounted for as a 100% stock dividend was issued on December 1, 2020 when the market price of the shares was $185.
Dividends were declared and paid on December 31, 2020 at a rate of $3.40 per share.
Required:
- Give all the journal entries needed in 2019 to record the changes in equity listed.
- Prepare a statement of changes in stockholders equity for 2019 for EX.
- Prepare the equity section of the balance sheet for EX at the end of 2019.
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