Power Drive Corporation designs and produces a line of golf equipment and golf apparel. Power Drive has stock outstanding as of the beginning of 2024. Power Drive has the following transactions affecting stockholders' equity in 2024. March 1 May 19 June 1 Issues 63,000 additional shares of $1 par value common stock for $60 per share. Purchases 5,800 shares of treasury stock for $63 per share. Declares a cash dividend of $1.90 per share to all stockholders of record on June 15. (Hint: Dividends are not paid on treasury stock.) July 1 Pays the cash dividend declared on June 1. October 21 Resells 2,900 shares of treasury stock purchased on May 10 for $68 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, $5.300.000: and Retained Earnings. $2,800,000. Net income for the year ended December 31, 2024, is $680,000. Required: Prepare the stockholders' equity section of the balance sheet for Power Drive Corporation as of December 31, 2024. (Amounts to be deducted should be indicated by a minus sign.)

Power Drive Corporation designs and produces a line of golf equipment and golf apparel. Power Drive has stock outstanding as of the beginning of 2024. Power Drive has the following transactions affecting stockholders' equity in 2024. March 1 May 19 June 1 Issues 63,000 additional shares of $1 par value common stock for $60 per share. Purchases 5,800 shares of treasury stock for $63 per share. Declares a cash dividend of $1.90 per share to all stockholders of record on June 15. (Hint: Dividends are not paid on treasury stock.) July 1 Pays the cash dividend declared on June 1. October 21 Resells 2,900 shares of treasury stock purchased on May 10 for $68 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, $5.300.000: and Retained Earnings. $2,800,000. Net income for the year ended December 31, 2024, is $680,000. Required: Prepare the stockholders' equity section of the balance sheet for Power Drive Corporation as of December 31, 2024. (Amounts to be deducted should be indicated by a minus sign.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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