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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
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 Journal entry worksheet March 1 Issues 49, ee additional shares of $1 par value common stock for $46 per share 1e Purchases 4, 4ee shares of treasury stock for $49 per share. 1 Declares a cash dividend of $1.2e 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. Octaber 21 Resells 2,200 shares of treasury stock purchased on May 10 for $50 per share. Record the purchase of 4,400 shares of treasury stock for $49 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.) Note: Enter debts before credits General Journal Debit Credit Date May 10, 2021 View transaction list Journal entry worksheet 2 3 4 5 Record the issuance of 49,000 additional shares of $1 par value common stock for $46 per share. Record entry Clear entry View general Journal Note: Enter debits before credits General Journal Debit Credit March 01, 2021 Journal entry worksheet
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