Power Drive Corporation designs and produces a line of golf equipment and golf apparel. Power Drive...

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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 May June 1 Issues 58,000 additional shares of $1 par value comon stock for $55 per share. 10 Purchases 5,300 shares of treasury stock for $58 per shace. 1 Declares a cash dividend of $1.65 per share to all stockholders of record on June 15. (Hint: Dividends are not pald on treasury stock.) 1 Pays the cash dividend declared on June 1. July October 21 Resells 2,650 shares of treasury stock purchased on Hay 10 for $63 per share. Required: Record each of these transactions. (If no entry is required for o porticular transaction/event, select "No Journal Entry Required" in the first occount field.) 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 May June 1 Issues 58,000 additional shares of $1 par value comon stock for $55 per share. 10 Purchases 5,300 shares of treasury stock for $58 per shace. 1 Declares a cash dividend of $1.65 per share to all stockholders of record on June 15. (Hint: Dividends are not pald on treasury stock.) 1 Pays the cash dividend declared on June 1. July October 21 Resells 2,650 shares of treasury stock purchased on Hay 10 for $63 per share. Required: Record each of these transactions. (If no entry is required for o porticular transaction/event, select "No Journal Entry Required" in the first occount field.)

Answer rating: 100% (QA)

A C D E Date Accounts title and explanation Debit Credit Cash 58000 x 55 Common stock 58000 x 1 2 M... View the full answer