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Power Drive Corporation designs and produces a line of golf equpment 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 equpment 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 stockholder's equity in 2021.
Return to 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 March 1 Issues 56,000 additional shares of $1 par value common stock for $53 per share. May 10 Purchases 5,100 shares of treasury stock for $56 per share. June 1 Declares a cash dividend of $1.55 per share to all stockholders of record on June 15. (Hint: Dividende not paid on treasury stock.) July 1 Pays the cash dividend declared on June 1. October 21 Resells 2,550 shares of treasury stock purchased on May 10 for $61 per share. are :58:26 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.) Answer is not complete. No General Journal Credit Date March 01, 2021 Debit 2.53,000 1 Cash Common Stock 58,000 2,912,000 Additional Paid-in Capital 2 May 10, 2021 285,600 Treasury Stock Cash 285,600 3 June 01, 2021 241,800 Dividends Dividends Payable 241.800 4 July 01, 2021 Dividends Payable Cash 155,550 5 October 21, 2021 Cash Treasury Stock Additional Paid-in Capital ololo 135,1503 20,400 Step by Step Solution
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