Exercise 10-12A Prepare a statement of stockholders' equity (L010-7) 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 65,000 additional shores of 61 par value common stock for $62 per share. 10 Purchases 6,000 shares of treasury stock for $65 per share. 1 Declares a cash dividend of $2.00 per share to ali 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 Rovelle 3,000 shares of tronury stock purchased on May 10 for $70 per share, May June 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, $5,500,000, and Retained Earnings. $3,000,000. Net income for the year ended December 31, 2021, is $700,000 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.) POWER DRIVE CORPORATION Statement of Stockholders' Equity For the Year Ended December 31, 2021 Additional Retained Total Common Stock Earnings Pald.in Capital Stockholders Treasury Stock Equity $ 100,000 $ 5,500,000 $ 3,000,000 $ 0 $ 8,600,000 65.000 3,965,000 Balance, January 1 Issun common stock Purchase treasury stock Declare dividends Resell treasury stock Net income Balance, December 31 318.000 15,000 0 $ 3,318,000 $ 12,963.000 165.000 9,480,000