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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, $5,500,000; and Retained Earnings, $3,000,000. Net Income for the year ended December 31, 2021, is $700,000. 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 nces Additional Paid-in Capital Retained Earnings Treasury Stock Total Stockholders' Equity Balance, January 1 100,000 $ 5,500,000 $ 3,000,000 $ 8,600,000 Issue common stock Purchase treasury stock Declare dividends Resell treasury stock Net income Balance, December 31 Common Stock S 0 $ 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, $5,500,000; and Retained Earnings, $3,000,000. Net Income for the year ended December 31, 2021, is $700,000. 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 nces Additional Paid-in Capital Retained Earnings Treasury Stock Total Stockholders' Equity Balance, January 1 100,000 $ 5,500,000 $ 3,000,000 $ 8,600,000 Issue common stock Purchase treasury stock Declare dividends Resell treasury stock Net income Balance, December 31 Common Stock S 0 $