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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 the beginning of 2021. Power Drive has the following transactions affecting stockholders' equity in 2021. March 1 Issues 47,000 additional shares of $1 par value common stock for $44 per share. May 10 Purchases 4,200 shares of treasury stock for $47 per share. June 1 Declares a cash dividend of $1.10 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 2,100 shares of treasury stock purchased on May 10 for $52 per share. 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, $3,700,000; and Retained Earnings, $1,200,000. Net income for the year ended December 31, 2021, is $520,000. Required: Prepare the statement of stockholders' equity for Power Drive Corporation for the year ended December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.) POWER DRIVE CORPORATION Statement of Stockholders' Equity For the Year Ended December 31, 2021 Common Stock Additional Paid-in Capital Retained Earnings Treasury Stock Total Stockholders Equity $ 5,000,000 $ $ 3,700,000 $ 1,200,000 $ 0 100,000 47,000 Balance, January 1 Issue common stock Purchase treasury stock Declare dividends Resell treasury stock Net income Balance, December 31 $ 147,000 3,700,000 1.200,000 0 $ 5.047 000 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 2021. Power Drive has the following transactions affecting stockholders' equity in 2021 March 1 Issues 57,000 additional shares of $1 par value common stock for $54 per share. May 10 Purchases 5,200 shares of treasury stock for $57 per share. June 1 Declares a cash dividend of $1.60 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 2,600 shares of treasury stock purchased on May 10 for $62 per share. Required: Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Answer is complete but not entirely correct. No Date General Journal Debit Credit 1 March 01, 2021 Cash 3,078,000 Common Stock Additional Paid-in Capital Bo 57 000 3,021,000 2 May 10, 2021 296.400 Treasury Stock Cash 296,400 3 June 01, 2021 151.800 X Dividends Dividends Payable 151.800 X 4 July 01, 2021 151,800 x Dividends Payable Cash 151 800 x 5 161,200 October 21, 2021 Cash Treasury Stock Additional Paid-in Capital 148,200 13 000