11 10 points eBook Hint Print References Power Drive Corporation designs and produces a line of golf equipment and golf apparel. Power Drive has 100,000 shares of common stock outstanding as of the beginning of 2024. Power Drive has the following transactions affecting stockholders' equity in 2024. March 1 May 10 June 1 Issues 50,000 additional shares of $1 par value common stock for $47 per share. Purchases 4,500 shares of treasury stock for $50 per share. Declares a cash dividend of $1.25 per share to all stockholders of record on June 15. (Hint: Dividends are not paid on treasury stock.) July 1 Pays the cash dividend declared on June 1. October 21 Resells 2,250 shares of treasury stock purchased on May 10 for $55 per share. Power Drive Corporation has the following beginning balances in its stockholders' equity accounts on January 1, 2024: Common Stock, $100,000; Additional Paid in Capital, $4,000,000, and Retained Earnings, $1,500,000. Net income for the year ended December 31, 2024, is $550,000. Required: Prepare the statement of stockholders' equity for Power Drive Corporation for the year ended December 31, 2024. (Amounts to be deducted should be indicated by a minus sign.) Balance, January 1 Issue common stock Purchase treasury stock Declare dividends Payment of cash dividends Resell treasury stock Net income Balance, December 31 $ POWER DRIVE CORPORATION Statement of Stockholders' Equity For the Year Ended December 31, 2024 Common Stock $ Additional Paid-in Capital 100,000 $ 4,000,000 100,000 4,000,000 Retained Earnings Treasury Stock $ 1,500,000 $ 1,500,000 0 Total Stockholders' Equity $ 0 $ 5,600,000 5,600,000

Power Drive Corporstion designn and peoduces a line of polf equipment and polf apparel Power Drwe has 100,000 shares of comman stock outstoding as of the beginning of 2024. Power Drwe has the following transactions affecting stockholders' equity in 2024 Nor 10 Purchises 4,500 shares of treasury stock for sso per snare. Suly 1 Pers the cask divisend dectared on duene 1. october 21 heselts 2,23 shares of treatury wtock purchsiet of ther 10 for sss per thare. Power Dive Corporation hos the folowing beginning belances in its stocktioldens' equity accounts on January 1, 2024: Common Stock. 5100,000, Additional Poldin Capisl, \$4,000,000; ond Retained Earnings, \$1,500,000 Net income for the year esided December 31 . 2024, is $550,000 Required: Prepare the statement of stockholders' equify for Power Drive Corporation for the year ended December 3t, 2024 (Amounts to be deducted sheuld be indiceted by o minut signd