Question: please show how you work it out i am not sure what i am calculating incorrectly Power Drive Corporation designs and produces a line of

 please show how you work it out i am not sure

what i am calculating incorrectly Power Drive Corporation designs and produces a

line of golf equipment and golf apparel. Power Drive has 100.000 shares

please show how you work it out i am not sure what i am calculating incorrectly

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 55,eee additional shares of 51 par value common stock for $52 per share. May 10 Purchases 5, eee shares of treasury stock for $55 per share. June 1 Declares a cash dividend of $1.Se per share to all stockholders of record on June 15. : Divide are not paid on treasury stock.) July 1 Pays the cash dividend declared on June 1 October 21 Resells 2,500 shares of treasury stock purchased on May ta for she 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, $4,500,000, and Retained Earnings, $2,000,000. Net income for the year ended December 31, 2021. is $600,000 2000 Sunner Choc D119 Slides pot 119 Ship DI Search e HIJ WIL NOU. THIS shows what is correct or incorrect for the work you have completed so far, It does not indicate completion Return the year ended December 31, 2021, is $600,000. 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.) x Answer is complete but not entirely correct. POWER DRIVE CORPORATION Balance Sheet (Stockholders' Equity Section) December 31, 2021 Stockholders' Equity: Common Stack $ 155,000 7947 en 2020 Summer CL.docx @ 119 Slides 08 stu...pptx 119 Side 09 st.ppt O arch TELLIUL LID Work you have co completion. Balance sheet (Stockholders' Equity Section) December 31, 2021 Stockholders' Equity: Common Stock 155,000 Additional Paid-in Capital 7,317,500 OC Total Paid-in Capital Retained Earnings Treasury Stock 7,472,500 2,372,500 X (137,500) Total Stockholders' Equity $ 9,707,500

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!