Power Drive Corporation has the following beginning balances in its stockholders' equity accounts on January 1, 2021: Common Stock, $100,000; Additional Paid-in Capital, $4,900,000; and Retained Earnings, $2,400,000. Net income for the year ended December 31, 2021, is $640,000.

Check my work Power Drive Corporation has the following beginning balances in its stockholders' equity accounts on January 1, 2021: Common Stock $100,000; Additional Pald-in Capital, $4,900,000; and Retained Earnings, $2,400,000. Net income for the year ended December 31, 2021, Is $640,000. Required: Prepare the stockholders' equity section of the balance sheet for Power Drive Corporation as of December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.) POWER DRIVE CORPORATION Balance Sheet (Stockholders' Equity Section) December 31, 2021 Stockholders' Equity: Common Stock Additional Paid-in Capital 159,000 159,000 Total Paid-in Capital Retained Earnings Treasury Stock $ 159,000 Total Stockholders' Equity