Exercise 10-11A Prepare the stockholders' equity section (LO10-7) Power Drive Corporation designs and produces a line of goif equipment and goif 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. 52, aee additional shares of $1 par value conton stock for $49 per share. May 10 Purchases 4,700 shares of treasury stock for $52 per share. June 1 Declares a cash dividend of $1.35 per share to all stockholders of record on June 15. (Hint? 0ividends are not paid on treasury stock.) Juty 1 Pays the cash dividend declared on June 1. october 21 Reselts 2,350 shares of treasury stock purchased on May 10 for $57 per share. Power Dive Corporation has the following beginning balances in its stockholders' equity accounts on January 1, 2021: Common 5 tock. $100,000; Additional Pald-in Cepital, $4,200,000; and Retained Earnings, $1,700,000. Net income for the year ended December 31. 2021, is $570,000. Required: Prepare the stoclevolders' equity section of the balance sheet for Power Drive Corporation as of December 31, 2021, (Amounts to be deducted should be indicated by a minus sign.) Power Drive Corporation has the following beginning balances in its stockhoiders' equity accounts on January 1, 2021: Common Stock, $100,000; Additional Paid in Capital, $4,200,000; and Retained Eatning5, \$1,700,000. Net income for the year ended December 31 , 2021, is $570,000 Required: Prepare the stockholders' equity section of the balance sheet for Power Dive Corporation as of December 31,2021 . (Amounts to be deducted should be indicated by a minus sign.)