Exercise 10-11A Prepare the stockholders' equity section (LO10-7) 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 2021 . Power Drive has the following transactions affecting stockholders' equity in 2021. March 1 Issues 50,000 additional shares of $1 par value common stock for $47 per share. May 10 Purchases 4,500 shares of treasury stock for $50 per share. June 1 Declares a cash dividend of $1.25 per share to all stockholders of record on June 15. 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, 2021: Common Stock, $100,000; Additional Paid-in Capital, $4,000,000; and Retained Earnings, $1,500,000. Net income for the year ended December 31,2021 , is $550,000. Required: Prepare the stockholders' 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.)