Power Drive Corporation designs and produces a line of golf equipment and golf apparel. Power Drive has 100000 shares of common stock outstanding as of the beginning of 2018 Power Drive has the following transactions affecting stockholders equity in 2018. March 1 Issues 64,000 additional shares of $1 par value common stock for $61 per share May 10 Repurchases 5,900 shares of treasury stock for $64 per share June 1 Declares a cash dividend of $1.95 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 Reissues 2,950 shares of treasury stock purchased on May 10 for $69 per share Power Drive Corporation has the following beginning balances in its stockholders equity accounts on January 1, 2018: Common Stock, $100,000: Additional Paid-n Capital, $5,400,000: and Retained Earnings, $2,900,000. Net income for the year ended December 31, 2018, is $690,000 Required Prepare the statement of stockholders' equity for Bower Drive Corporation for the year ended December 31,2018. (Amounts to be deducted should be indicated py a minus sign-) 2 OWER DRIVE CORPORATION Statement of Stoekhoidere Equity For the Year Ended December 1 31, 2018 Retained Treasury Earnings Additiorn Common Stock Paid-in Capital Stock Stockholders Balance, January 1 Issued common stock Purchase treasury stock s 100,005,400.000 S2,900 000 S 0 8400,000 64,000 203 550 Sale of treasury stock Net income Balance, December 31 203,550 164,000 5,400,000 2.900,000 O S8,464,000