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Exercise 10-15 (Algo) Prepare a statement of stockholders' equity (LO10-7) 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 2024 . Power Drive has the following transactions affecting stockholders' equity in 2024. March 1 Issues 53,000 additional shares of $1 par value common stock for $50 per share. May 10 Purchases 4,800 shares of treasury stock for $53 per share. June 1 Declares a cash dividend of $1.40 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. 0ctober 21 Resells 2,400 shares of treasury stock purchased on May 10 for $58 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, $4,300,000; and Retained Earnings, $1,800,000. Net income for the year ended December 31,2024 , is $580,000. 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.) 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.)