sradeneuDe h Power Drive Corporation designs and produces a line of golf equipment and golf apparel Power Drive as 100 000 shares of co Power Drive has the following transactions affecting stockholders' equity in 2018 on took o standing as he beginning March 1 Issues 47,000 additional shares of $1 par value common stock for $44 per share. May 10 Repurchases 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.) eisuen 2 100 harea of rensuy ck purchased on May t0 for $2 per share. October 21 Reissues 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, 2018: 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, 2018, is $520,000 Required: Prepare the statement of stockholders' equity for Power Drive Corporation for the year ended December 31, 2018. (Amounts to be deducted should be indicated by a minus sign.) POWER DRIVE CORPORATION Statement of Stockholders' Equity For the Year Ended December 31, 2018 Total Additional Cammon Stock Paid-in CapitalEarnings Treasury Stock Stockholders Equity $100,000 S 3,700,0001,200,000 0 5,000,000 2,068,000 Balance, January 1 Issued common stock Purchase treasury stock Dividends Sale of treasury stock Net income Balance, December 31 47,000 2,021,000 $147,000 5,721,000 1,200,000 $ 7,068,000