Exercise $10-14($Algo$)$ Prepare the stockholders' equity section of the balance sheet $($LO$10-7)$

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 $2024.$

Power Drive Corporation has the following beginning balances in its stockholders' equity accounts on January $1,2024$: Common Stock,

$$100,000$; Additional Paid$-$in Capital, $$4,500,000$; and Retained Earnings, $$2,000,000.$ Net income for the year ended December $31,$

$2024,$ is $$600,000.$

Required:

Prepare the stockholders' equity section of the balance sheet for Power Drive Corporation as of December $31,2024.($Amounts to be

deducted should be indicated by a minus sign.$)$

$*$Red text indicates no response was expected in a cell or a formula$-$based calculation is

incorrect; no points deducted.