Comparative Statements of Shareholders’ Equity for Locke Intertechnology Corporation were reported as follows for the fiscal years ending December 31, 2022, 2023, and 2024.

Required:
Infer from the statements the events and transactions that affected Locke Inter technology Corporation’s shareholders’ equity and compute earnings per share as it would have appeared on the income statements for the years ended December 31, 2022, 2023, and 2024. No potential common shares were outstanding during any of the periods shown.

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Balance at January 1, 2022 Sale of preferred shares Sale of common shares, 7/1 Cash dividend, preferred Cash dividend, common Net income For the Years Ended Dec. 31, 2022, 2023, and 2024 ($ in millions) Cash dividend, preferred Cash dividend, common LOCKE INTERTECHNOLOGY CORPORATION Statements of Shareholders' Equity Balance at December 31, 2022 Retirement of common shares, 4/1 3-for-2 split effected in the form of a common stock dividend, 8/12 Net income Balance at December 31, 2023 10% common stock dividend, 5/1 Sale of common shares, 9/1 Cash dividend, preferred Cash dividend, common Net income Balance at December 31, 2024 Preferred Stock, $10 par $0 10 10 10 $10 Common Stock, $1 par $ 55 64 (4) 30 90 9 თო 3 $102 Additional Paid-in Capital $ 495 470 81 1,046 (36) (30) 980 90 31 $1,101 Retained Earnings $1,878 (1) (16) 290 2,151 (20) (1) (20) 380 2,490 (99) (2) (22) 412 $2,779 Total Shareholders' Equity $2,428 480 90 (1) (16) 290 3,271 (60) (1) (20) 380 3,570 34 (2) (22) 412 $3,992