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 $2024.$

March $1$ Issues $54,000$ additional shares of $$1$ par value common stock for $$51$ per share.

May $10$ Purchases $4,900$ shares of treasury stock for $$54$ per share.

June $1$ Declares a cash dividend of $$1\mathrm{.}45$ 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 $2,450$ shares of treasury stock purchased on May $10$ for $$59$ per share.

Power Drive Corporation has the following beginning balances in its stockholders' equity accounts on January $1,2024$: Common Stock, $$100,000$; Additional Paid$-$in Capital, $$4,400,000$; and Retained Earnings, $$1,900,000.$ Net income for the year ended December $31,2024,$ is $$590,000.$

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.$)$

$\backslash$table$[[$POWER DRIVE CORPORATION$],[$Balance Sheet$],[($Stockholders$\text{'}$ Equity Section$)],[$December $31,2024],[$Stockholders$\text{'}$ Equity:$],[$Common Stock,$154,000],[$Additional Paid$-$in Capital,$7,166,250$