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.