Question
Mercury Ltd. reported the following information for financial year 2018 (in million dollars): Statement of Shareholders Equity Balance, end of 2017 1,670 Share issues 720
Mercury Ltd. reported the following information for financial year 2018 (in million dollars):
Statement of Shareholders Equity | |
Balance, end of 2017 | 1,670 |
Share issues | 720 |
Repurchase of 24 million common shares | (672) |
Common dividend | (150) |
Preferred dividend | (15) |
Unrealised gain on debt investments | 14 |
Net income | 308 |
Balance, end of 2018 | 1,875 |
Mercury is in the 30% tax bracket. Mercury also reported $15 million in interest income and $98 million in interest expense for 2018. Mercury had a sales revenue of $3,276 in 2018.
Required:
a) Prepare a reformulated Statement of Shareholders Equity.
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