Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please answer 2. 2 And: 2.00 points To 590 (3) (13) Comparative Statements of Shareholders' Equity for Locke Intertechnology Corporation were reported as follows for
please answer
2. 2 And: 2.00 points To 590 (3) (13) 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 Stock Stock Pald Retained Shareholders 510 por Star Capital Earnings Equity Balance at January 1, 2019 $ 75 $ 85 5 1914 Sale of preferred shares Sale of common shares, 7/1 92 Cash dividend, preferred 3) Cash dividend, common Net income Balance at December 31, 2019 2.318 Retirement of common shares, 4/1 321 Cash dividend, preferred Cash dividend, common 3-for-2 split effected in the form of a common stock dividend. 8/12 37.5 (375) Net income 520 Balance at December 31, 2020 10% common stock dividend, 5/1 90 (10125 Sale of common shares, 9/1 Cash dividend, preferred (4) (4) Cash dividend, common 1403 (40) Not income 440 Balance at December 31, 2021 , $120.75 51.310.5 53.088.75 $4,595 = = 83 1267 (0) 147 (3) 1,1825 2.70 4,090 112.5 11.25 3 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).) Denominator Earnings per Year 2019 2020 2021 Numerator 5 417 5 517 5 445 Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started