Exercise $10-12$A Prepare a statement of stockholders' equity $($L$010-7)$

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 $65,000$ additional shares of $$1$ par value common stock for $$62$ per share.

May $10$ Purchases $6,000$ shares of treasury stock for $$65$ per share.

June $1.$ Declares a cash dividend of $$2\mathrm{.}00$ per share to all stockholders of record on$,$ June $15.($Hint: Dividends are not paid on treasury s$.$tock.$)$

July $1$ Pays the cash dividend declared on June $1.$

October $21$ Resells $3,000$ 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 $1,2021$: Common Stock, $$100,000$; Additional Paid$-$in Capital, $$5,500,000$; and Retained Earnings, $$3,000,000.$ Net income for the year ended December $31,2021,$ is $$700,000.$

Required:

Prepare the statement of stockholders' equity for Power Drive Corporation for the year ended December $31,2021.($Amounts to be deducted should be indicated by a minus sign.$)$

$\backslash$table$[[$POWER DRIVE CORPORATION$],[$Statement of Stockholders' Equity$],[$For the Year Ended December $31,2021],[,$Common Stock,$\backslash$table$[[$Additional$],[$Paid$-$in Capital$]],\backslash$table$[[$Retained$],[$Earnings$]],$Treas$$f Stock,$\backslash$table$[[$Total$],[$Stockholders$\text{'}],[$Equity$]]],[$Balance$,$ January $1,$$$,100,000,$$$,5,500,000,$$$,3,000,000,$$$,8,600,000$