Finishing touches has two classes of stock authorized: 8%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2021, its first year of operations: January 2 Issues 100,000 shares of common stock for $20 per share. February 6 Issues 1,500 shares of s preferred stock for $12 per share. September 10 Purchases 10,000 shares of its own common stock for $25 per share. December 15 Resells 5,000 shares of treasury stock at $30 per share. In its first year of operations, Finishing Touches has net income of $145,000 and pays dividends at the end of the year of $95,000 ($1 per share) on all common shares outstanding and $1.200 on all preferred shares outstanding. Required: Prepare the stockholders' equity section of the balance sheet for Finishing Touches as of December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.) FINISHING TOUCHES Balance Sheet (Stockholders'Equity Section) December 31, 2021 Stockholders'equity Common stock Preferred stock Additional paid in capital Additional paid in capital Total paid in capital Retained earnings Treasury stock Total stockholders' equity $ May June 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 Issuex 47,000 additional shares of $1 par value common stock for $44 per share. 10 Purchases 4,200 shares of treasury stock for $47 per share 1 Declares a cash dividend of $1.10 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 Results 2,100 shares of treasury stock purchased on May 10 for $52 per share. Required: Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 2 3 4 5 Record the issuance of 47,000 additional shares of $1 par value common stock for $44 per share Note Enter debit before credits General Journal Debit Date March 01, 2021 Credit stock outstanding as of the beginning of 2021. Power Drive has the following transactions affecting stockholders' equity in 2021 March 1 Issues 39,000 adaltional shares of 51 par value common stock for $56 per share. May 10 Purchases 5,400 shares of treasury stock for $59 per share June 1 Declares a cash dividend of $1.70 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 2,700 shares of treasury stock purchased on May 10 for $64 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, $1,900,000; and Retained Earnings $2,400,000. Net income for the year ended December 31, 2021. Is $640,000 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 Total Common Stock Additional Retained Pald-in Capital Earnings Treasury Stock Stockholders Equity $ 100,000 $ 4 900 000 $ 2,400,000 $ 05 7.400,000 Balance, January 1 Issue common stock Purchase treasury stock Declare dividends Resell treasury stock Net income Balance, December 31