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 $52,000$ additional shares of $$1$ par value common stock for $$49$ per share.

May $10$

Purchases $4,700$ shares of treasury stock for $$52$ per share.

June $1$

Declares a cash dividend of $$1\mathrm{.}35$ 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 $2,350$ shares of treasury stock purchased on May $10$ for $$57$ 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, $$4,200,000$; and Retained Earnings, $$1,700,000.$ Net income for the year ended December $31,2024,$ is $$570,000.$Required:$$Prepare the statement of stockholders' equity for Power Drive Corporation for the year ended December $31,2024.($Amounts to be deducted should be indicated by a minus sign.$)$

POWER DRIVE CORPORATION

Statement of Stockholders' Equity

For the Year Ended December $31,2024$

Common Stock

Additional Paid$-$in Capital

Retained Earnings

Treasury Stock

Total Stockholders' Equity

Balance, January $1$

$

$100,000$

$

$4,200,000$

$

$1,700,000$

$

$0$

$

$6,000,000$

Issue common stock

Purchase treasury stock

Declare dividends

Payment of cash dividends

Resell treasury stock

Net income

Balance, December $31$

$

$100,000$

$4,200,000$

$1,700,000$

$0$

$

$6,000,000$