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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 common stock outstanding as of the beginning of 2024 . Power Drive has the following transactions affecting stockholder's' equity in 2024. March 1 Issues 65 , eee additional shares of $1 par value common stock for $62 per share. May 10 Purchases 6,600 shares of treasury stock for $65 per share. June 1 Declares a cash dividend of $2.00 per share to all stockholders of record on June 15 . (Hint: Dividends are not paid on treasury stock.) July 1 Pays the cash dividend dectared on June 1. october 21 Resells 3 , eee shares of treasury stock purchased on May 10 for $70 per share. Power Drive Corporation has the following beginning balances in its stockholders' equity accounts on January 1, 2024: 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, 2024, is $700,000 Required: Prepare the stockholders' equity section of the balance sheet for Power Drive Corporation as of December 31,2024. Note: Amounts to be deducted should be indicated by a minu. sign

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