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Power Drive Corporation designs and produces a line of golf equipment and golf apparel. Power Drive has 1 0 0 , 0 0 0 shares
Power Drive Corporation designs and produces a line of golf equipment and golf apparel. Power Drive has shares of common stock outstanding as of the beginning of Power Drive has the following transactions affecting stockholders' equity in
March Issues additional shares of $ par value common stock for $ per share.
May Purchases shares of treasury stock for $ per share.
June Declares a cash dividend of $ per share to all stockholders of record on June Hint: Dividends are not paid on treasury stock.
Pays the cash dividend declared on June
October Resells shares of treasury stock purchased on May for $ per share.
Required:
Record each of these transactions. If no entry is required for a particular transactionevent select No Journal Entry Required" in the first account field.
Journal entry worksheet
Record the issuance of additional shares of $ par value common stock for $ per share.
Note: Enter debits before credits.
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