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 45,000 additional shares of $1 par value common stock for \$42 per share. May 10 Purchases 4,000 shares of treasury stock for $45 per share. June 1 Declares a cash dividend of $1.00 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 Resells 2,000 shares of treasury stock purchased on May 10 for \$50 per share. 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, $3,500,000; and Retained Earnings, $1,000,000. Net income for the year ended December 31 , 2024 , is $500,000. 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.)