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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 2024. Power Drive has the following transactions affecting stockholders' equity in 2078 March 1 Iasuen 61,000 additional shares of $1 par value common atock for $58 per share. May 10 Purehases 5,600 abares of treanury 1 took for $61 per share. June 1 Deelares a cash dividend of $1.80 per ahare to at1 stockholders of record on fune 15. (Hint, Dividend not paid on treanury atock.) July I Pays the cash dividend declared on Juse 1 . October 21 reselln 2,800 shares of treasury stock purehased on May 10 for $56 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, \$5,100,000; and Retained Earnings, \$2,600,000. Net income for the year ended December 31, 2024 , is $660,000 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.)
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