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ok nt Int ences 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 May 10 June 1 July 1 Issues 58,000 additional shares of $1 par value common stock for $55 per share. Purchases 5,300 shares of treasury stock for $58 per share. Declares a cash dividend of $1.65 per share to all stockholders of record on June 15. (Hint: Dividends are not paid on treasury stock.) Pays the cash dividend declared on June 1. October 21 Resells 2,650 shares of treasury stock purchased on May 10 for $63 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, $4,800,000; and Retained Earnings, $2,300,000. Net income for the year ended December 31, 2024, is $630,000. Required: Prepare the statement of stockholders' equity for Power Drive Corporation for the year ended December 31, 2024. (Amounts to be deducted should be indicated by a minus sign.) POWER DRIVE CORPORATION Statement of Stockholders' Equity For the Year Ended December 31, 2024 Common Stock Additional Paid-in Capital Balance January 1 $ 100,000 $ 4.800.000 $ Issue common stock 49.000 2,205,000 Purchase treasury stock Declare dividends Payment of cash dividends Retained Earnings Treasury Stock Total Stockholders' Equity 2,300,000 $ 0 $ 7,200,000

ok nt Int ences 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 May 10 June 1 July 1 Issues 58,000 additional shares of $1 par value common stock for $55 per share. Purchases 5,300 shares of treasury stock for $58 per share. Declares a cash dividend of $1.65 per share to all stockholders of record on June 15. (Hint: Dividends are not paid on treasury stock.) Pays the cash dividend declared on June 1. October 21 Resells 2,650 shares of treasury stock purchased on May 10 for $63 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, $4,800,000; and Retained Earnings, $2,300,000. Net income for the year ended December 31, 2024, is $630,000. Required: Prepare the statement of stockholders' equity for Power Drive Corporation for the year ended December 31, 2024. (Amounts to be deducted should be indicated by a minus sign.) POWER DRIVE CORPORATION Statement of Stockholders' Equity For the Year Ended December 31, 2024 Common Stock Additional Paid-in Capital Balance January 1 $ 100,000 $ 4.800.000 $ Issue common stock 49.000 2,205,000 Purchase treasury stock Declare dividends Payment of cash dividends Retained Earnings Treasury Stock Total Stockholders' Equity 2,300,000 $ 0 $ 7,200,000

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 24E
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ok nt Int ences 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 May 10 June 1 July 1 Issues 58,000 additional shares of $1 par value common stock for $55 per share. Purchases 5,300 shares of treasury stock for $58 per share. Declares a cash dividend of $1.65 per share to all stockholders of record on June 15. (Hint: Dividends are not paid on treasury stock.) Pays the cash dividend declared on June 1. October 21 Resells 2,650 shares of treasury stock purchased on May 10 for $63 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, $4,800,000; and Retained Earnings, $2,300,000. Net income for the year ended December 31, 2024, is $630,000. Required: Prepare the statement of stockholders' equity for Power Drive Corporation for the year ended December 31, 2024. (Amounts to be deducted should be indicated by a minus sign.) POWER DRIVE CORPORATION Statement of Stockholders' Equity For the Year Ended December 31, 2024 Common Stock Additional Paid-in Capital Balance January 1 $ 100,000 $ 4.800.000 $ Issue common stock 49.000 2,205,000 Purchase treasury stock Declare dividends Payment of cash dividends Retained Earnings Treasury Stock Total Stockholders' Equity 2,300,000 $ 0 $ 7,200,000
Transcribed Image Text:ok nt Int ences 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 May 10 June 1 July 1 Issues 58,000 additional shares of $1 par value common stock for $55 per share. Purchases 5,300 shares of treasury stock for $58 per share. Declares a cash dividend of $1.65 per share to all stockholders of record on June 15. (Hint: Dividends are not paid on treasury stock.) Pays the cash dividend declared on June 1. October 21 Resells 2,650 shares of treasury stock purchased on May 10 for $63 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, $4,800,000; and Retained Earnings, $2,300,000. Net income for the year ended December 31, 2024, is $630,000. Required: Prepare the statement of stockholders' equity for Power Drive Corporation for the year ended December 31, 2024. (Amounts to be deducted should be indicated by a minus sign.) POWER DRIVE CORPORATION Statement of Stockholders' Equity For the Year Ended December 31, 2024 Common Stock Additional Paid-in Capital Balance January 1 $ 100,000 $ 4.800.000 $ Issue common stock 49.000 2,205,000 Purchase treasury stock Declare dividends Payment of cash dividends Retained Earnings Treasury Stock Total Stockholders' Equity 2,300,000 $ 0 $ 7,200,000
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