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 65,000 additional shares of $1 par value common stock for $62 per share.

May 10 Purchases 6,000 shares of treasury stock for $65 per share.

June 1 Declares a cash dividend of $2.00 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 3,000 shares of treasury stock purchased on May 10 for $70 per share.

Required: Determine the financial statement effects of each of these transactions.

Declares a cash dividend of $2.00 per share to all stockholders of record on June 15.

(Hint: Dividends are not paid on treasury stock.)

Determine the financial statement effects of June 1.

Pays the cash dividend declared on June 1. Determine the financial statement effects of July 1.

Note: Amounts to be deducted should be indicated with a minus sign. If there are no effects for a particular transaction/event, select "There are no financial statement effects" in the first account field.

Balance Sheet

Assets Liabilities Stockholders' Equity Treasury Stock

Contributed Capital Retained Earnings

Income Statement

Revenues Expenses Net Income