3. Pow ver Drive Corporation designs and produces a line of golf equipment and golf...
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3. Pow ver Drive Corporation designs and produces a line of golf equipment and golf apparel. ver Drive has 100,000 shares of common stock outstanding as of the beginning of 2018. wer Drive has the following transactions affecting stockholders' equity in 2018 arch 1 Issues 65,000 additional shares of $1 par value common stock for $62 per share. May 10 Repurchases 6,000 shares of treasury stock for $65 per share. June 1 Declares a cash dividend of $2.00 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 June1 October 21 Reissues 3,000 shares of treasury stock purchased on May 10 for $70 per share. Required: Record each of these transactions. Date Account Debit Credit
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