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Comparative Statements of Shareholders' Equity for Locke Intertechnology Corporation were reported as follows for the fiscal years ending December 31, 2022, 2023, and 2024. Balance at January 1, 2022 Sale of preferred shares Sale of common shares, 7/1 Cash dividend, preferred Cash dividend, common Net income Balance at December 31, 2022 Retirement of common shares, 4/1 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, 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 Year 2022 2023 2024 Numerator + LOCKE INTERTECHNOLOGY CORPORATION Statements of Shareholders' Equity For the Years Ended December 31, 2022, 2023, and 2024 ($ in millions) = = Preferred Stock, Common Stock, $1 Additional Paid-in $10 par $0 8 Denominator = Earnings per share = 8 8 $8 par $95 7 102 (6) 48.0 144.0 14.40 3 $161.40 Capital $ 545 510 84 1,139 (39) (48.0) 1,052.0 140 30 $ 1,222.0 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, 2022, 2023, and 2024. No potential common shares were outstanding during any of the periods shown. Note: Do not round intermediate calculations. Enter your answers in millions rounded to 2 decimal places (i.e., 5,550,000 should be entered as 5.55). Retained Earnings $ 1,898 (3) (12) 340 2,223 (24) (3) (16) 440 2,620 (154.40) (3) (32) 432 $ 2,862.60 Total Shareholders' Equity $ 2,538 518 91 (3) (12) 340 3,472 (69) (3) (16) 440 3,824 33 (3) (32) 432 $ 4,254

Comparative Statements of Shareholders' Equity for Locke Intertechnology Corporation were reported as follows for the fiscal years ending December 31, 2022, 2023, and 2024. Balance at January 1, 2022 Sale of preferred shares Sale of common shares, 7/1 Cash dividend, preferred Cash dividend, common Net income Balance at December 31, 2022 Retirement of common shares, 4/1 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, 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 Year 2022 2023 2024 Numerator + LOCKE INTERTECHNOLOGY CORPORATION Statements of Shareholders' Equity For the Years Ended December 31, 2022, 2023, and 2024 ($ in millions) = = Preferred Stock, Common Stock, $1 Additional Paid-in $10 par $0 8 Denominator = Earnings per share = 8 8 $8 par $95 7 102 (6) 48.0 144.0 14.40 3 $161.40 Capital $ 545 510 84 1,139 (39) (48.0) 1,052.0 140 30 $ 1,222.0 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, 2022, 2023, and 2024. No potential common shares were outstanding during any of the periods shown. Note: Do not round intermediate calculations. Enter your answers in millions rounded to 2 decimal places (i.e., 5,550,000 should be entered as 5.55). Retained Earnings $ 1,898 (3) (12) 340 2,223 (24) (3) (16) 440 2,620 (154.40) (3) (32) 432 $ 2,862.60 Total Shareholders' Equity $ 2,538 518 91 (3) (12) 340 3,472 (69) (3) (16) 440 3,824 33 (3) (32) 432 $ 4,254

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter12: Fainancial Statement Analysis
Section: Chapter Questions
Problem 82E
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Comparative Statements of Shareholders' Equity for Locke Intertechnology Corporation were reported as follows for the fiscal years ending December 31, 2022, 2023, and 2024. Balance at January 1, 2022 Sale of preferred shares Sale of common shares, 7/1 Cash dividend, preferred Cash dividend, common Net income Balance at December 31, 2022 Retirement of common shares, 4/1 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, 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 Year 2022 2023 2024 Numerator + LOCKE INTERTECHNOLOGY CORPORATION Statements of Shareholders' Equity For the Years Ended December 31, 2022, 2023, and 2024 ($ in millions) = = Preferred Stock, Common Stock, $1 Additional Paid-in $10 par $0 8 Denominator = Earnings per share = 8 8 $8 par $95 7 102 (6) 48.0 144.0 14.40 3 $161.40 Capital $ 545 510 84 1,139 (39) (48.0) 1,052.0 140 30 $ 1,222.0 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, 2022, 2023, and 2024. No potential common shares were outstanding during any of the periods shown. Note: Do not round intermediate calculations. Enter your answers in millions rounded to 2 decimal places (i.e., 5,550,000 should be entered as 5.55). Retained Earnings $ 1,898 (3) (12) 340 2,223 (24) (3) (16) 440 2,620 (154.40) (3) (32) 432 $ 2,862.60 Total Shareholders' Equity $ 2,538 518 91 (3) (12) 340 3,472 (69) (3) (16) 440 3,824 33 (3) (32) 432 $ 4,254
Transcribed Image Text:Comparative Statements of Shareholders' Equity for Locke Intertechnology Corporation were reported as follows for the fiscal years ending December 31, 2022, 2023, and 2024. Balance at January 1, 2022 Sale of preferred shares Sale of common shares, 7/1 Cash dividend, preferred Cash dividend, common Net income Balance at December 31, 2022 Retirement of common shares, 4/1 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, 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 Year 2022 2023 2024 Numerator + LOCKE INTERTECHNOLOGY CORPORATION Statements of Shareholders' Equity For the Years Ended December 31, 2022, 2023, and 2024 ($ in millions) = = Preferred Stock, Common Stock, $1 Additional Paid-in $10 par $0 8 Denominator = Earnings per share = 8 8 $8 par $95 7 102 (6) 48.0 144.0 14.40 3 $161.40 Capital $ 545 510 84 1,139 (39) (48.0) 1,052.0 140 30 $ 1,222.0 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, 2022, 2023, and 2024. No potential common shares were outstanding during any of the periods shown. Note: Do not round intermediate calculations. Enter your answers in millions rounded to 2 decimal places (i.e., 5,550,000 should be entered as 5.55). Retained Earnings $ 1,898 (3) (12) 340 2,223 (24) (3) (16) 440 2,620 (154.40) (3) (32) 432 $ 2,862.60 Total Shareholders' Equity $ 2,538 518 91 (3) (12) 340 3,472 (69) (3) (16) 440 3,824 33 (3) (32) 432 $ 4,254
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