Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

infer from the statements the events and transactions Comparative Statements of Shareholders' Equity for Locke Intertechnology Corporation were reported as follows for the fiscal years

infer from the statements the events and transactions
image text in transcribed
image 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 (5 in millions) Preferred Connon Additional Stock stock, Paid in Capital 5 70 520 10 9 79 510 par 51 par Retained Earnings 1,88 $ erences Total Shareholders Equity $ 2, 478 470 88 (2) (16) (2) (16) 290 2,160 79 (6) 3,30 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 Connon stock dividend, 8/12 Net Inco Balance at December 31, 2020 105 common stock dividend, 5/1 Sale of common shares, 9/1 Cach dividend, preferred Cash dividend, con Net inte Balance at December 31, 2021 (2) (20) (2) (20) 36.5 (16.5) 390 390 3,513 109.5 18.95 3 110 (120.95) 19 (4) (27) 422 52,779.05 $10 $4,047 Required: Inter from the statements the events and transactions that affected Locke Intertechnology Corporation's shareholders' equity and compute caminas per share as it would have appeared on the income statements for the years ended December 31 2019, 2020, and (6) (34) (19) (2) (20) (59) (2) (20) 36.5 (36.5) 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% connon stock dividend. 5/1 Sale of common shares, 9/1 Cash dividend, preferred Cash dividend, common Net income Balance at December 31, 2021 390 3,617 10 109. 10.95 3 390 2,509 (120.95) 988.5 110 36 39 (4) (27) 422 $2,779.05 (27) 422 $ 4,0M2 $10 $123.45 $1,134.5 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 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_2

Step: 3

blur-text-image_3

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

Auditing A Practical Approach With Data Analytics

Authors: Raymond N. Johnson, Laura Davis Wiley, Robyn Moroney, Fiona Campbell, Jane Hamilton

2nd Edition

1119786045, 978-1119785996

More Books

Students also viewed these Accounting questions

Question

Explain how to perform a projected financial analysis.

Answered: 1 week ago