Homework Help is Here – Start Your Trial Now!
Business
Accounting
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 LOCKE INTERTECHNOLOGY CORPORATION Statements of Shareholders' Equity For the Years Ended December 31, 2022, 2023, and 2024 ($ in millions) Year 2022 2023 2024 Numerator Preferred Stock, Common Stock, $1 Additional Paid-in $10 par par $ 70 8 8 8 7 Denominator Earnings per share 77 (6) 35.5 106.5 10.65 3 $ 120.15 Capital $ 580 588 91 1,251 (46) (35.5) 1,169.5 98 37 $ 1,296.5 Retained Earnings $ 1,912 (2) (12) 410 2,308 (31) (2) (16) 510 2,769 (100.65) 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 (l.e., 5,550,000 should be entered as 5.55). (3) (39) 446 $ 3,072.35 Total Shareholders' Equity $ 2,562 588 98 (2) (12) 410 3,644 (83) (2) (16) 510 4,053 48 (3) (39) 446 $ 4,497

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 LOCKE INTERTECHNOLOGY CORPORATION Statements of Shareholders' Equity For the Years Ended December 31, 2022, 2023, and 2024 ($ in millions) Year 2022 2023 2024 Numerator Preferred Stock, Common Stock, $1 Additional Paid-in $10 par par $ 70 8 8 8 7 Denominator Earnings per share 77 (6) 35.5 106.5 10.65 3 $ 120.15 Capital $ 580 588 91 1,251 (46) (35.5) 1,169.5 98 37 $ 1,296.5 Retained Earnings $ 1,912 (2) (12) 410 2,308 (31) (2) (16) 510 2,769 (100.65) 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 (l.e., 5,550,000 should be entered as 5.55). (3) (39) 446 $ 3,072.35 Total Shareholders' Equity $ 2,562 588 98 (2) (12) 410 3,644 (83) (2) (16) 510 4,053 48 (3) (39) 446 $ 4,497

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 19E: Lyon Company shows the following condensed income statement information for the year ended December...
See similar textbooks
icon
Related questions
Question

Please Do Not Give Solution In Image Format And fast answering please ? And please explain proper steps by Step ?

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 LOCKE INTERTECHNOLOGY CORPORATION Statements of Shareholders' Equity For the Years Ended December 31, 2022, 2023, and 2024 ($ in millions) Year 2022 2023 2024 Preferred Stock, Common Stock, $1 Additional Paid-in $10 par = 8 8 8 $8 Numerator Denominator = Earnings per share par $ 70 7 77 (6) 35.5 106.5 10.65 3 $120.15 Capital $ 580 580 91 1,251 (46) (35.5) 1,169.5 90 37 $ 1,296.5 Retained Earnings $ 1,912 (2) (12) 418 2,308 (31) (2) (16) 510 2,769 (100.65) 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 (l.e., 5,550,000 should be entered as 5.55). (3) (39) 446 $ 3,072.35 Total Shareholders' Equity $ 2,562 588 98 (2) (12) 410 3,644 (83) (2) (16) 510 4,053 40 (3) (39) 446 $ 4,497
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 LOCKE INTERTECHNOLOGY CORPORATION Statements of Shareholders' Equity For the Years Ended December 31, 2022, 2023, and 2024 ($ in millions) Year 2022 2023 2024 Preferred Stock, Common Stock, $1 Additional Paid-in $10 par = 8 8 8 $8 Numerator Denominator = Earnings per share par $ 70 7 77 (6) 35.5 106.5 10.65 3 $120.15 Capital $ 580 580 91 1,251 (46) (35.5) 1,169.5 90 37 $ 1,296.5 Retained Earnings $ 1,912 (2) (12) 418 2,308 (31) (2) (16) 510 2,769 (100.65) 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 (l.e., 5,550,000 should be entered as 5.55). (3) (39) 446 $ 3,072.35 Total Shareholders' Equity $ 2,562 588 98 (2) (12) 410 3,644 (83) (2) (16) 510 4,053 40 (3) (39) 446 $ 4,497
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 5 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Managerial Accounting
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
Managerial Accounting: The Cornerstone of Busines…
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Financial Accounting: The Impact on Decision Make…
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
Century 21 Accounting Multicolumn Journal
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
SEE MORE TEXTBOOKS