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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. March 1 Issues 65,60 additional shares of $1 par value common stock for $62 per share. May 10 Purchases 6,000 shares of treasury stock for $65 per share. June 1 Declares a cash dividend of $2.90 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 3,6e shares of treasury stock purchased on May 10 for $7 per share. Required: Record each of these transactions. (If no entry ls required for a partleuler transactlon/event, select "No Journal Entry Requlred" In the flrst account fleld.) Journal entry worksheet 2 Record the issuance of 65,000 additional shares of $1 par value common stock for $62 per share. Note: Enter debits before credits. Journal entry worksheet Record the purchase of 6,000 shares of treasury stock for $65 per share. Note: Enter debits before credits. Journal entry worksheet Record the declaration of a cash dividend of $2.00 per share to all stockholders of record on June 15. (Hint: Dividends are not paid on treasury stock.) Note: Enter debits before credits. Journal entry worksheet Record payment of the cash dividend declared on June 1. Note: Enter debits before credits. Journal entry worksheet 12 Record the resale of 3,000 shares of treasury stock purchased on May 10 for $70 per share. Note: Enter debits before credits
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