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Power Drive Corporation designs and produces a line of golf equipment and golf apparel. Power...

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Accounting

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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 commo stock outstanding as of the beginning of 2021 . Power Drive has the following transactions affecting stockholders' equity in 2021 . March 1 Issues 65,900 odditiono1 shares of $1 par volue comon stock fon $62 per share. Nay 10 Purchases 6,000 shares of treasury stock for 565 per share. June 1 Declares a cash dividend of 52.00 per shore to all stockholders of record on June 25. (Hint: Dividends are not paid on treasury stock.) July 1 Pays the cash dividend declared on June 1. October 21 Resel1s 3,000 shares of treasury stock purchased on Vay 10 for $70 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, \$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.)

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