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Need help completing question. Comparative Statements of Shareholders' Equity for Locke Intertechnology Corporation were reported as follows for the fiscal years ending December 31, 2019,
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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. LOCKE INTERTECHNOLOGY CORPORATION Statements of Shareholders' Equity For the Years Ended Dec. 31, 2019, 2020, and 2021 ($ in millions) Preferred Common Additional Total Stock, Stock, Paid-in Retained Shareholders' $10 par $1 par Capital Earnings Equity Balance at January 1, 2019 $ 55 565 $ 1,906 $ 2,526 Sale of preferred shares 12 55e 562 Sale of common shares, 7/1 11 88 99 Cash dividend, preferred (3) (3) Cash dividend, common (16) (16) Net income 380 380 Balance at December 31, 2019 12 66 1,203 2,267 3,548 Retirement of common shares, 4/1 (28) (75) Cash dividend, preferred (3) (3) Cash dividend, common (20) (20) 3-for-2 split effected in the form of a common stock dividend, 8/12 31. (31.2) Net income 480 480 Balance at December 31, 2020 12 93.0 1,129.0 2,696 3,930 10% common stock dividend, 5/1 9.30 90 (99.30) Sale of common shares, 9/1 3 34 37 Cash dividend, preferred (3) Cash dividend, common (36) (36) Net income 448 448 Balance at December 31, 2021 $12 $105.30 $1,253.0 $2,997.70 $ 4,368 (43) 12 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 (.e., 5,500,000 should be entered as 5.50).) Year Earnings per share 0 2019 2020 2021 Numerator Denominator S 379/ S 479/ S 435 / 0 0Step by Step Solution
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