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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
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 56,600 additional shares of $1 par value coemon stock for $53 per share. May 10 Purchases 5,100 shares of treasury stock for $56 per share. June 1 Declares a cash divldend of \$1.55 per share to all stockholders of record on June 15. (Hint) 0ividends are not paid on treasury stock.) July 1 Pays the cash dividend declared on zune 1. october 21 Resells 2,550 shares of treasury stock purchased on Hay 10 for $61 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 occount field.)
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