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 $2024.$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 $31,2024.($Amounts to be deducted should be indicated by a minus sign.$)$

$\backslash$table$[[$POWER DRIVE CORPORATION$],[$Balance Sheet,$],[($Stockholders$\text{'}$ Equity Section$),],[$December $31,2024,],[$Stockholders$\text{'}$ Equity:,$],[,],[,],[,]]$