5 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 2021. Power Drive has the following transactions affecting stockholders' equity in 2021 March 1 Issues 68,00 additional shares of $1 par value common stock for $57 per share. May 10 Purchases 5,500 shares of treasury stock for $60 per share. June 1 Declares a cash dividend of $1.75 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 2,750 shares of treasury stock purchased on May 10 for $65 per share. Power Drive Corporation has the following beginning balances in its stockholders' equity accounts on January 1, 2021 Common Stock, $100,000 Additional Pold-in Capital, $5,000,000; and Retained Earnings. $2,500,000 Net income for the year ended December 31 2021, is $650,000 Required: Prepare the statement of stockholders' equity for Power Drive Corporation for the year ended December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.) S Answer is complete but not entirely correct. POWER DRIVE CORPORATION Statement of Stockholders' Equity For the Year Ended December 31, 2021 Aditional Total Common Pald-in Retained Treasury Stockholders Stock Earings Stock Capital Equity 100,000 $ 5,000,000 S 2.500,000 0 7,600,000 60,000 3.600,000 3.720.000 (357.500) (357.500) (310.000) (319,000) 13.750 105,000 170,750 700.000 700.000 160,000 8,673,750 2,681,000 (192,500) $ 11,522,250 Balance, January Ivecommon stock Purchase treasury stock Dudare dividends Resell treasury stock Net Income Balance, December 31