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need 3 & 4!!! Power Drive Corporation designs and produces a line of golf equipment and golf apparel. Power Drive has 100,000 shares of common
need 3 & 4!!!
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 55,000 additional shares of $1 par value common stock for $52 per share 10 Purchases 5,000 shares of treasury stock for $55 per share 1 Declares a cash dividend of $1.50 per share to all stockholders of record on June 15. (Hint: Dividends are not paid treasury stock.) 1 Pays the cash dividend declared on June 1 March May June on July October 21 Resells 2,500 shares of treasury stock purchassed on May 10 for $60 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.) Answer is not complete. General Journal No Date Debit Credit March 01, 2021 1 Cash 2,860,000 Common Stock 55,000 Additional Paid-in Capital 2,805,000 Treasury Stock 2 May 10, 2021 275,000 Cash 275,000 3 June 01, 2021 Dividends Dividends Payable Dividends Payable July 01, 2021 Cash October 21, 2021 Cash 5 150,000 Treasury Stock 137,500 Additional Paid-in Capital 12,500Step by Step Solution
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