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Exercise 10.11A Prepare the stockholders' equity section (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 2021 . Power Drive has the following transactions affecting stockholders' equity In 2021 . Wurch 1 tasues 65 , eee additional thares of $1 par value comon atock for $62 per share. May ie Purchases 6 , 600 shares of treasury stock for $65 per share. June 1 Oeclares a cash dividend of $2.00 per share to all stockholders of cecord on June 15. (Hint: Dividends are not paid on treasury.stoci.) 2uly 1 Pays the cash dividend declared on June 1. October 21 Resells 3 , eee shares of treasury stock purchased on May 10 for s7e 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, \$5,500,000, and Retained Earnings, \$3,000,000. Net income for the year ended December 31,2021 , is $700,000. 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 bv a minus sian.) 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.)

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