Comparative Statements of Shareholders? Equity for Locke Intertechnology Corporation were reported as follows for the fiscal years ending December 31, 2019, 2020, and 2021.

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.

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LOCKE INTERTECHNOLOGY CORPORATION Statements of Shareholders' Equity For the Years Ended Dec. 31, 2019, 2020, and 2021 ($ in millions) Additional Total Preferred Common Stock, $10 par Paid-in Retained Stock, Shareholders' $1 par Earnings Equity Capital $ 55 $ 495 $1,878 $2,428 Balance at January 1, 2019 Sale of preferred shares 10 470 480 Sale of common shares, 7/1 81 90 Cash dividend, preferred (1) (16) (1) (16) Cash dividend, common Net income 290 290 1,046 Balance at December 31, 2019 10 64 2,151 3,271 Retirement of common shares, 4/1 (4) (36) (20) (60) LOCKE INTERTECHNOLOGY CORPORATION Statements of Shareholders' Equity For the Years Ended Dec. 31, 2019, 2020, and 2021 ($ in millions) Preferred Common Additional Total Stock, Stock, $1 par Paid-in Retained Shareholders' $10 par Capital Earnings Equity Cash dividend, preferred (1) (20) (1) (20) Cash dividend, common 3-for-2 split effected in the form of a 30 (30) common stock dividend, 8/12 Net income 380 380 Balance at December 31, 2020 10 90 980 2,490 3,570 10% common stock dividend, 5/1 90 (99) Sale of common shares, 9/1 31 34 Cash dividend, preferrec (2) (22) (2) (22) Cash dividend, common Net income 412 412 Balance at December 31, 2021 $10 $102 $1,101 $2,779 $3,992