can someone please explain how to solve this step by step ...

50.1K

Verified Solution

Question

Accounting

can someone please explain how to solve this step by step
image
image
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 2024. Powet Drive has the following transactions affecting stockholders' equity in 2024. March 1 Issues 47,000 astational shares of \$1 par value coenon stock for \$44 per share. May 30 Purchases 4,200 shares of treasury stock for $47 per share. Juse 1 Declares a cenh dividend of \$1.10 per share to all stockhialders of record on 7ure 15. (Hint: 0ividends are not paid on treasury stock.) July 1 Pays the cash dividend declared on Jone 1. octaber 21 kesells 2,100 shares of treasury stock purchased on Hay 10 for $52 per share. Power Drive Corposation has the following beginning balances in its stockhoiders' equity accounts on January 1. 2024: Common Stock; $100,000. Additional Paid in Capital, $3,700,000; and Retained Eamings. $1,200,000. Net Income for the year ended December 31. 2024,15$520,000 Required: Prepare the statement of stockholders' equily for Power Drive Corporation for the year ended December 31, 2024. (Amounts to be deducted should be indicoted by o minus sign.) March 1. Issues 47, 000 additicnal sharet of 31 por valce compen stock for 54 per. share. May 10 Parchases 4,200 shares of treacury stock for 5 et per shart. treatury stock.) July 1 Pays the cash dividend declared on June 1 . Dctober 2t Metelis 2,100 shares of treasory stock purchased on May to for 152 per sharef 5100,000 . Additional Paid-in Capital, $3700,000, and Feetained Earnings, $1,200000 Net incoirte for the yeat ended December 3r, 2074 is $620.000 Rectifed: deducted should be indieated by a minus sign.)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students