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 2024 . Power Drive has the following transactions affecting stockholders' equity in 2024. March 1 Issues 65,000 additional shares of $1 par value comenon stock for $62 per share. May 10 Purchases 6,000 shares of treasury stock for $65 per whare. June 1 Declares a cash dividend of $2.00 per whare to all stockholders of record on June 15 . (Alint t Dividende are not pald on treasury stock.) Days the canh dividend declared on June 1. July 1 Pays the canh dividend declared on June is October 21 Reselis 3,000 shares of treasury stock purchased on May 10 for $70 per whare. 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, \$5,500,000; and Retained Earnings, \$3,000,000. Net income for the year ended December 31. 2024, is $700,000. 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