Use an Excel spreadsheet for assignment, with formulas showing all calculations. All numbers should be in thousands of dollars.

Problem 1

Construct a full Statement of Shareholders Equity for Union Enterprise, as of December 31, 2020, given the following information.

• As of December 31, 2019, there were 50 million shares of stock outstanding, sold by the company to shareholders for a total of $138 million.
• On March 11, 2020, an additional 2 million shares were sold by the company to shareholders for $8 million. No other shares were sold or bought back in 2020.
• Net Income for the year ending December 31, 2020 was $82 million.
• During 2020, $9 million of cash dividends were declared and paid to shareholders.
• As of December 31, 2020, total Shareholders Equity was $1,122 million.