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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 2024. March 1 Issues 64,600 additional shares of $1 par value connon stock for $61 per share. Huy 10 purctuses $,900 shares of treasury stock for $64 per share. June 1 Declares a cash dividend of 31.95 per share to al1 stockhoiders of record on June 15. (Mint: oividends are not paid on July 1 Preasury stock. ) Pays the cash dividend declared on June 1 , october 21 Resells 2.950 shares of treasury stock purchased on May 10 for 569 per stare. Power Drive Corporation has the following beginning balances in its stockhoiders' equity accounts on January 1,2024: Common Stock. $100,000, Additional Paid in Capital, $5,400,000, and Retained Farnings. $2,900,000. Net income for the year ended December 31. 2024, is $690,000 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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