accounting questions problems 494279

Exercise 10-11 Prepare a statement of stockholders’ equity [LO7] 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 2012. Power Drive has the following transactions affecting stockholders’ equity in 2012. March 1    Issues 55,000 additional shares of $1 par value common stock for $52 per share. May 10    Repurchases 5,000 shares of treasury stock for $55 per share. June 1    Declares a cash dividend of $1.50 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    Reissues 2,500 shares of treasury stock purchased on May 10 for $60 per share. Power Drive Corporation has the following beginning balances in its stockholders’ equity accounts on January 1, 2012: common stock, $100,000; paid-in capital, $4,500,000; and retained earnings, $2,000,000. Net income for the year ended December 31, 2012, is $600,000. Required: Prepare the statement of stockholders’ equity for Power Drive Corporation for the year ended December 31, 2012. (Amounts to be deducted should be indicated with a minus sign. Leave no cells blank – be certain to enter “0” wherever required. Omit the “$” sign in your response.) POWER DRIVE CORPORATION Statement of Stockholders’ Equity For the year ended December 31, 2012   Common Stock Additional Paid-in Capital Retained Earnings Treasury Stock Total Stockholders’ Equity  Balance, January 1 $  100,000 $  4,500,000 $  2,000,000 $       0 $ 6,600,000    Issued common stock    Repurchased treasury stock    Cash dividends    Sold treasury stock    Net income      Balance, December 31 $ $ $ $ $     javascript:;check my…