March 1 Issues 45,000 additional shares of $1 par value common stock for $42 per share. May 10 Purchases 4,000 shares of treasury stock for $45 per share. June 1 Declares a cash dividend of $1.00 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 2,000 shares of treasury stock purchased on May 10 for $50 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, $3,500,000; and Retained Earnings, $1,000,000. Net income for the year ended December 31, 2024, is $500,000. Required: Prepare the stockholders' equity section of the balance sheet for Power Drive Corporation as of December 31, 2024. Note: Amounts to be deducted should be indicated by a minus sign.

POWER DRIVE CORPORATION Balance Sheet (Stockholders' Equity Section) December 31, 2024 \begin{tabular}{|c|c|c|} \hline \multicolumn{3}{|l|}{ Stockholders' Equity: } \\ \hline Additional Paid-in Capital & $ & 5,355,000 \\ \hline Common Stock & & 145,000 \\ \hline & & 0 \\ \hline Total Paid-in Capital & & 5,500,000 \\ \hline \multicolumn{3}{|l|}{ Retained Earnings } \\ \hline Treasury Stock & & (90,000) \\ \hline 5 & & 0 \\ \hline Total Stockholders' Equit & $ & 5,410,000 \\ \hline \end{tabular}