The Procter & Gamble Company.The 2015 annual report ofThe Procter & Gamble Company(P&G)is available at:

http://us.pg.com/annualreport2017/annual-report.html#/Financial

http://www.pginvestor.com/Cache/1001226614.PDF?O=PDF&T=&Y=&D=&FID=1001226614&iid=4004124

After reviewing the P&G's annual report, respond to the following questions:

1. 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 2014 and 2015?

2. What percentage of P&G's assets are debt-financed versus equity-financed in 2014 and 2015? Why do you think the company has followed this strategic financing policy? What is P&G's cost of debt in 2015?

3. How many common shares did P&G repurchase in 2015 and at what aggregate price?

4. How many common shares were issued in 2015 to employees under P&G's employee stock option plan? If P&G had utilized the fair value method to account for its employee stock options, what would have been the effect on P&G's basic and diluted EPS for 2015?