Comparative Statements of Shareholders' Equity for Locke Intertechnology Corporation were reported as follows for the fiscal...
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Comparative Statements of Shareholders' Equity for Locke Intertechnology Corporation were reported as follows for the fiscal years ending December 31, 2019, 2020, and 2021. Balance at January 1, 2019 Sale of preferred shares Sale of common shares, 7/1 Cash dividend, preferred Cash dividend, common Net income Balance at December 31, 2019 Retirement of common shares, 4/1 LOCKE INTERTECHNOLOGY CORPORATION Statements of Shareholders' Equity For the Years Ended Dec. 31, 2019, 2020, and 2021 ($ in millions) Preferred Stock, $10 par Cash dividend, preferred Cash dividend, common 3-for-2 split effected in the form of a common stock dividend, 8/12 Net income Balance at December 31, 2020 10% common stock dividend, 5/1 Sale of common shares, 9/1 Cash dividend, preferred Cash dividend, common Net income Balance at December 31, 2021 12 12 12 $12 $ Common Stock, $1 par 80 11 91 (4) 43.5 130.5 13.05 3 $146.55 Additional Paid-in Capital 530 480 81 $ 1,091 (36) (43.5) 1,011.5 130 38 $1,179.5 Retained Earnings $ 1,892 (4) (18) 310 2,180 (21) (4) (22) 410 2,543 (143.05) (3) (29) 426 $2,793.95 Total Shareholders' Equity $2,502 492 92 (4) (18) 310 3,374 (61) (4) (22) 410 3,697 41 (3) (29) 426 $4,132 Required: Infer from the statements the events and transactions that affected Locke Intertechnology Corporation's shareholders' equity and compute earnings per share as it would have appeared on the income statements for the years ended December 31, 2019, 2020, and 2021. No potential common shares were outstanding during any of the periods shown. (Enter your answers in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50).) Year 2019 2020 2021 Numerator / 1 1 1 Denominator = Earnings per share = = = Comparative Statements of Shareholders' Equity for Locke Intertechnology Corporation were reported as follows for the fiscal years ending December 31, 2019, 2020, and 2021. Balance at January 1, 2019 Sale of preferred shares Sale of common shares, 7/1 Cash dividend, preferred Cash dividend, common Net income Balance at December 31, 2019 Retirement of common shares, 4/1 LOCKE INTERTECHNOLOGY CORPORATION Statements of Shareholders' Equity For the Years Ended Dec. 31, 2019, 2020, and 2021 ($ in millions) Preferred Stock, $10 par Cash dividend, preferred Cash dividend, common 3-for-2 split effected in the form of a common stock dividend, 8/12 Net income Balance at December 31, 2020 10% common stock dividend, 5/1 Sale of common shares, 9/1 Cash dividend, preferred Cash dividend, common Net income Balance at December 31, 2021 12 12 12 $12 $ Common Stock, $1 par 80 11 91 (4) 43.5 130.5 13.05 3 $146.55 Additional Paid-in Capital 530 480 81 $ 1,091 (36) (43.5) 1,011.5 130 38 $1,179.5 Retained Earnings $ 1,892 (4) (18) 310 2,180 (21) (4) (22) 410 2,543 (143.05) (3) (29) 426 $2,793.95 Total Shareholders' Equity $2,502 492 92 (4) (18) 310 3,374 (61) (4) (22) 410 3,697 41 (3) (29) 426 $4,132 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).) Year 2019 2020 2021 Numerator / 1 1 1 Denominator = Earnings per share = = =
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To infer the events and transactions that affected Locke Intertechnology Corporations shareholders equity and compute earnings per share for the years ended December 31 2019 2020 and 2021 lets break d... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-1260481952
10th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
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