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antoniya [11.8K]
2 years ago
9

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 56,000 additional shares of $1 par value common stock for $53 per share. May 10 Purchases 5,100 shares of treasury stock for $56 per share. June 1 Declares a cash dividend of $1.55 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 2,550 shares of treasury stock purchased on May 10 for $61 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, $4,600,000; and Retained Earnings, $2,100,000. Net income for the year ended December 31, 2021, is $610,000. Required: Prepare the stockholders' equity section of the balance sheet for Power Drive Corporation as of December 31, 2021.

Business
2 answers:
MAXImum [283]2 years ago
6 0

Answer:

Total stockholders' equity = $10,014,055

Explanation:

See below images to get step-by-step explanation:

Delvig [45]2 years ago
3 0

Answer:

Total stockholder equity =  $10,014,055  

Explanation:

Detailed explanation is in the attached image:

To calculate for shares eligible for dividend

Opening Balance [100,000] units of stock + 56,000 additional shares less 5100 treasury stocks = 150900 shares eligible for dividend

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