Exercise 10-15 (Algo) Prepare a statement of stockholders' equity (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 2024. Power Drive has the following transactions affecting stockholders' equity in 2024. March 1 May 10 June 1 July 1 Issues 62,000 additional shares of $1 par value common stock for $59 per share. Purchases 5,700 shares of treasury stock for $62 per share. Declares a cash dividend of $1.85 per share to all stockholders of record on June 15. (Hint: Dividends are not paid on treasury stock.) Pays the cash dividend declared on June 1. October 21 Resells 2,850 shares of treasury stock purchased on May 18 for $67 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, $5,200,000; and Retained Earnings, $2,700,000. Net Income for the year ended December 31, 2024, Is $670,000. Required: Prepare the statement of stockholders' equity for Power Drive Corporation for the year ended December 31, 2024. (Amounts to be deducted should be indicated by a minus sign.) POWER DRIVE CORPORATION Statement of Stockholders' Equity For the Year Ended December 31, 2024 Common Stock Additional Paid-in Capital Retained Earnings Treasury Stock Total Stockholders' Equity Balance, January 1 $ 100,000 $ 5,200,000 $ 2,700,000 $ 0 $ 8,000,000 Issue common stock Purchase treasury stock Declare dividends Payment of cash dividends Resell treasury stock Net income Balance, December 31 $ 100,000 5,200,000 2,700,000 0 $ 8,000,000