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 48,000 additional shares of $1 par value common atook for $45 per share. May 10 purchases 4,300 sharen of treasury atock for $48 per share. June 1 Declares a cash dividend of $1.15 per ahare to al1 ntockholders of record on June 15. (Hintz Dividends are not paid on treasury stock.) July 1 Pays the cash dividend deolared on June 1. October 21 Resells 2,150 shares of treasury atoek purchased on May 10 for $53 per ahare. 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, $3,800,000; and Retained Earnings, $1,300,000. Net income for the year ended December 31. 2024 , is $530,000. Required: Prepare the stockholders' equity section of the balance sheet for Power Drive Corporation as of December 31, 2024. (Amounts to be deducted should be indicated by a minus sign.) 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 48,000 additional shares of $1 par value common atook for $45 per share. May 10 purchases 4,300 sharen of treasury atock for $48 per share. June 1 Declares a cash dividend of $1.15 per ahare to al1 ntockholders of record on June 15. (Hintz Dividends are not paid on treasury stock.) July 1 Pays the cash dividend deolared on June 1. October 21 Resells 2,150 shares of treasury atoek purchased on May 10 for $53 per ahare. 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, $3,800,000; and Retained Earnings, $1,300,000. Net income for the year ended December 31. 2024 , is $530,000. Required: Prepare the stockholders' equity section of the balance sheet for Power Drive Corporation as of December 31, 2024. (Amounts to be deducted should be indicated by a minus sign.)
