Question

LOCKE INTERTECHNOLOGY CORPORATION Statements of Shareholders' Equity For the Years Ended Dec. 31, 2019, 2020, and...

LOCKE INTERTECHNOLOGY CORPORATION
Statements of Shareholders' Equity
For the Years Ended Dec. 31, 2019, 2020, and 2021
($ in millions)
Preferred
Stock,
$10 par
Common
Stock,
$1 par
Additional
Paid-in
Capital
Retained
Earnings
Total
Shareholders'
Equity
Balance at January 1, 2019 $ 65 $ 575 $ 1,910 $ 2,550
Sale of preferred shares 7 570 577
Sale of common shares, 7/1 6 90 96
Cash dividend, preferred (1 ) (1 )
Cash dividend, common (18 ) (18 )
Net income 400 400
Balance at December 31, 2019 7 71 1,235 2,291 3,604
Retirement of common shares, 4/1 (6 ) (45 ) (30 ) (81 )
Cash dividend, preferred (1 ) (1 )
Cash dividend, common (22 ) (22 )
3-for-2 split effected in the form of a
common stock dividend, 8/12
32.5 (32.5 )
Net income 500 500
Balance at December 31, 2020 7 97.5 1,157.5 2,738 4,000
10% common stock dividend, 5/1 9.75 90 (99.75 )
Sale of common shares, 9/1 3 36 39
Cash dividend, preferred (2 ) (2 )
Cash dividend, common (38 ) (38 )
Net income 444 444
Balance at December 31, 2021 $ 7 $ 110.25 $ 1,283.5 $ 3,042.25 $ 4,443


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).)

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Comparative Statements of Shareholders’ Equity for Locke Intertechnology Corporation were reported as follows for the fiscal...
Comparative Statements of Shareholders’ Equity for Locke Intertechnology Corporation were reported as follows for the fiscal years ending December 31, 2014, 2015, and 2016. LOCKE INTERTECHNOLOGY CORPORATION Statements of Shareholders' Equity For the Years Ended Dec. 31, 2014, 2015, and 2016 ($ in millions) Preferred Stock, $10 par Common Stock, $1 par Additional Paid-in Capital Retained Earnings Total Shareholders' Equity   Balance at January 1, 2014 $ 65 $ 515 $ 1,886 $ 2,466      Sale of preferred shares 9 450 459...
Comparative Statements of Shareholders’ Equity for Locke Intertechnology Corporation were reported as follows for the fiscal...
Comparative Statements of Shareholders’ Equity for Locke Intertechnology Corporation were reported as follows for the fiscal years ending December 31, 2014, 2015, and 2016. LOCKE INTERTECHNOLOGY CORPORATION Statements of Shareholders' Equity For the Years Ended Dec. 31, 2014, 2015, and 2016 ($ in millions) Preferred Stock, $10 par Common Stock, $1 par Additional Paid-in Capital Retained Earnings Total Shareholders' Equity   Balance at January 1, 2014 $ 65 $ 515 $ 1,886 $ 2,466      Sale of preferred shares 9 450 459...
Comparative Statements of Shareholders’ Equity for Locke Intertechnology Corporation were reported as follows for the fiscal...
Comparative Statements of Shareholders’ Equity for Locke Intertechnology Corporation were reported as follows for the fiscal years ending December 31, 2014, 2015, and 2016. LOCKE INTERTECHNOLOGY CORPORATION Statements of Shareholders' Equity For the Years Ended Dec. 31, 2014, 2015, and 2016 ($ in millions) Preferred Stock, $10 par Common Stock, $1 par Additional Paid-in Capital Retained Earnings Total Shareholders' Equity   Balance at January 1, 2014 $ 65 $ 515 $ 1,886 $ 2,466      Sale of preferred shares 9 450 459...
Buildex Corporation's balance sheet reported the following shareholders' equity as of December 31, 2021: Shareholders’ Equity...
Buildex Corporation's balance sheet reported the following shareholders' equity as of December 31, 2021: Shareholders’ Equity Share capital: Preferred shares, $ 4 cumulative, 30,000 shares                  authorized, 4,000 shares issued                                                       $   850,000 Common shares, unlimited shares authorized,                  175,000 shares issued                                                                           1,350,000 Total share capital                                                                                                 $ 2,000,000 Retained earnings                                                                                                        300,000 Total shareholders' equity                                                                                   $ 2,300,000 Additional information: No dividends were declared in the prior year - 2020. Dividends were fully paid in all...
The following is the shareholders’ equity section of Ayayai Corp. at December 31, 2020: Preferred shares,a...
The following is the shareholders’ equity section of Ayayai Corp. at December 31, 2020: Preferred shares,a authorized 100,000 shares; issued 33,000 shares $ 1,155,000 Common shares (unlimited authorized, 51,000 issued) 1,275,000 Contributed surplus 107,000 Total paid-in capital 2,537,000 Retained earnings 2,962,600 Total shareholders’ equity $ 5,499,600 a The preferred shares have a $2 dividend rate, are cumulative, and participate in distributions in excess of a $3 dividend on the common shares. Q. No dividends were paid in 2018 or 2019....
Joy Co.’s shareholders’ equity included the following accounts at December 31, 2020: Shareholders' Equity Common stock,...
Joy Co.’s shareholders’ equity included the following accounts at December 31, 2020: Shareholders' Equity Common stock, 9 million shares at $1 par $ 9,000,000 Paid-in capital—excess of par 72,000,000 Paid-in capital—share repurchases 587,000 Retained earnings 80,500,000 On February 15, Joy reacquired 300,000 shares of its common stock at $12 and retired the shares. Net income for 2021 was $7 million. Determine the balances of Retained Earnings and Paid-in Capital - Excess of Par on the balance sheet dated December 31,...
The shareholders equity section of Yessir corporation at December 31, 2020 included the following: $6 preferred...
The shareholders equity section of Yessir corporation at December 31, 2020 included the following: $6 preferred shares cumulative, 10,000 shares authorized 8,000 shares issued            $800,000 Common shares, 250,000 shares authorized, 200,000 shares issued                                  $2,000,000 Dividends were not declared on the preferred shares in 2020 and are in arrears. On September 15, 2021, the board of directors of yessir corporation declared on the preferred shares for 2020 and 2021, to shareholders of record on October 1, 2021, payable on October 15,2021...
On December 31, 2020, Cullumber Corporation had the following shareholders’ equity accounts: CULLUMBER CORPORATION Balance Sheet...
On December 31, 2020, Cullumber Corporation had the following shareholders’ equity accounts: CULLUMBER CORPORATION Balance Sheet (partial) December 31, 2020 Shareholders’ equity      Common shares (unlimited number of shares authorized, 86,000 issued) $1,156,000      Retained earnings 560,000 Total shareholders’ equity $1,716,000 During the year, the following transactions occurred: Jan. 15 Declared a $1 per share cash dividend to shareholders of record on January 31, payable February 15. July 1 Announced a 3-for-2 stock split. The market price per share on the date...
Douglas McDonald Company’s balance sheet included the following shareholders’ equity accounts at December 31, 2020: ($...
Douglas McDonald Company’s balance sheet included the following shareholders’ equity accounts at December 31, 2020: ($ in millions) Paid-in capital: Common stock, 1,700 million shares at $1 par $ 1,700 Paid-in capital—excess of par 17,400 Retained earnings 16,088 Total shareholders’ equity $ 35,188 On March 16, 2021, a 4% common stock dividend was declared and distributed. The market value of the common stock was $37 per share. Fractional share rights represented 3 million equivalent whole shares. Cash was paid in...
Comparative Statements of Retained Earnings for Renn-Dever Corporation were reported as follows for the fiscal years...
Comparative Statements of Retained Earnings for Renn-Dever Corporation were reported as follows for the fiscal years ending December 31, 2019, 2020, and 2021. RENN-DEVER CORPORATION Statements of Retained Earnings For the Years Ended December 31 2021 2020 2019 Balance at beginning of year $ 7,063,292 $ 5,629,052 $ 5,754,552 Net income (loss) 3,321,700 2,370,900 (125,500 ) Deductions: Stock dividend (59,100 shares) 255,000 Common shares retired, September 30 (120,000 shares) 225,660 Common stock cash dividends 902,950 711,000 0 Balance at end...