Answered step by step
Verified Expert Solution
Question
1 Approved Answer
i am stuck on this problem please help March May July Power Drive Corporation designs and produces a line of golf equipment and golf apparel
i am stuck on this problem please help
March May July 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 1 Issues 57,000 additional shares of par value common stock for $54 per share. 10 Purchases 5,200 shares of treasury stock for $57 per share. June 1 Declares a cash alvidend of $1.60 per share to all stockholders of record on June 15. Crint: Dividends are not paid on ) 1 Pays the cash dividend declared on June 1. October 21 Resells 2,600 shares of treasury stock purchased on May 18 for $62 per shure Power Drive Corporation has the following beginning balances in its stockholders' equity accounts on January 1 2021 Common Stock $100,000. Additional Paid-in Copital, 54700,000, and Retained Earnings. $2,200,000 Net Income for the year ended December 31 2021, is $620,000 Required: Prepare the statement of stockholders' equity for Power Delve 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 Common Stock Total Retained Paid-in Capital Earnings Treasury Stock Stockholders' Equity $ 100,000 $ 4,700,000 $ 2,200,000 $ 0 $ 7,000,000 Balance, January 1 Issue common stock Purchase treasury stock Declare dividends Resell treasury stock Net income Balance, December 31 S 100,000 4,700,000 2,200,000 0 $ 7,000,000 Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started