The 2019 annual report of The Procter & Gamble Company (P&G) is available at www.pginvestor.com. After reviewing P&G's annual report, respond to the following questions.

a. What types of equity securities does P&G have outstanding? What is their par or stated value, how many shares are authorized, and how many shares are outstanding at year-end 2018 and 2019?

b. What percentage of P&G's assets are debt-financed versus equity-financed in 2018 and 2019? Why do you think the company has followed this strategic financing policy?

c. How many common shares did P&G repurchase in 2019 and at what aggregate price?

d. What is the total stock-based compensation for P&G for 2019? Do you think the level of stock-based compensation is appropriate for P &G? Provide a brief explanation of your answer.