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Power Drive Corporation designs and produces a line of golf equipment and goif 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 goif 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 54,000 additional shares of $1 par value comnon stock for 551 per share. May 10 Purchases 4,900 shares of treasury stock for $54 per share. June 1 Declares a cash dividend of \$1.45 per share to all stocitholders of record on June 15. (Hint: Dividends are not paid on treasury stock.) July 2 Pays the cash divldend declared on June 1. October 21 Resells 2,450 shareo of treasury stock purchased on may 10 for $59 per share. Power Drive Corporation has the following beginning balances in its stockholders' equity accounts on January 1, 2024: Common Stock. $100,000; Additional Paidin Capltal, $4,400,000; and Retained Earnings, $1,900,000. Net income for the year ended December 31 , 2024,15$590,000 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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