deducted should be indicated by a minus sign.) x Answer is complete but not entirely correct. POWER DRIVE CORPORATION Balance Sheet (Stockholders' Equity Section) December 31, 2021 Stockholders' Equity: Common Stock $ 157,000 Additional Paid-in Capital 7,721,000 Additional Paid-in Capital 13,000 Total Paid-in Capital 7,891,000 Retained Earnings 2,577,120 Treasury Stock (148,200) Total Stockholders' Equity $ 10,319,920 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 2021 Power Drive has the following transactions affecting stockholders' equity in 2021 March 1 Issues 57,000 additional shares of $1 par value common stock for $54 per share. May 10 Purchases 5,200 shares of treasury stock for $57 per share. June 1 Declares a cash dividend of $1.60 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 2,600 shares of treasury stock purchased on May 12 for $62 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, $4,700,000, and Retained Earnings, $2,200,000. Net income for the year ended December 31 2021, is $620,000. Required: Prepare the stockholders' equity section of the balance sheet for Power Drive Corporation as of December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.) POWER DRIVE CORPORATION Balance Sheet (Stockholders' Equity Section) December 31, 2021 Stockholders' Equity