(Solved): Power Drive Corporation designs and produces a line of golf equipment and golf apparel. Power Drive ...

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 stockholders' equity in 2024. March 1 Issues 59,000 additional shares of $\$1$ par value combon stock for $\$56$ per share. May 10 Purchases 5,400 shares of treasury stock for 559 per share. June 1 Dectares a cash dividend of $\$1.70$ per share to all stockholders of record on June 15 . (Hint: Dividends are not paid on treasury stock.) July 1 Pays the cash dividend dectored on June 1. october 21 Resetts 2,700 shares of treasury stock purchased on May 10 for 564 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, $\$4,900,000$; and Retained Earnings, $\$2,400,000$. Net income for the year ended December 31 , 2024 , is $\$640,000$. Required: Prepare the statement of stockholders' equity for Power Drive Corporat on for the year ended December 31, 2024. (Amounts to be deducted should be indicated by a minus sign.) \begin{tabular}{|c|c|c|c|c|c|c|c|c|} \hline \multicolumn{9}{|c|}{ POWER DRIVE CORPORATION } \\ \hline \multicolumn{9}{|c|}{ Statement of Stockholders' Equity } \\ \hline \multicolumn{9}{|c|}{ For the Year Ended December 31, 2024} \\ \hline & \multicolumn{2}{|c|}{ Common Stock } & \multicolumn{2}{|c|}{\begin{tabular}{c} Additional \\ Pald-in Capital \end{tabular}} & \multicolumn{2}{|c|}{\begin{tabular}{l} Retained \\ Earnings \end{tabular}} & Treasury Stock & \begin{tabular}{c} Total \\ Stockholders' \\ Equity \end{tabular} \\ \hline Balance, January 1 & $\$$ & 100,000 & $\$$ & $4,900,000$ & $\$$ & $2,400,000$ & 5 & $7,400,000$ \\ \hline \multicolumn{9}{|l|}{ Issue common stock: } \\ \hline \multicolumn{9}{|l|}{ Purchase treasury stock } \\ \hline \multicolumn{9}{|l|}{ Declare dividends } \\ \hline \multicolumn{9}{|l|}{ Payment of cash dividends } \\ \hline \multicolumn{9}{|l|}{ Resell treasury stock } \\ \hline \multicolumn{9}{|l|}{ Net income } \\ \hline Balance, December 31 & & 1 & & 1211 & & & & \\ \hline \end{tabular}