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

Question

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 2015. Power Drive has the following transactions affecting stockholders' equity in 2015. Power Drive Corporation has the following beginning balances in its stockholders' equity accounts on January 1, 2015: Common Stock, $100,000; Additional Paid-in Capital, S5,300,000; and Retained Earnings, $2,800,000. Net income for the year ended December 31, 2015, is $80,000. Prepare the statement of stockholders' equity for Power Drive Corporation for the year ended December 31, 2015. (Amounts to be deducted should be Indicated by a minus sign.)

Explanation / Answer

Perticulars Common Stock Additional Paid In Capital Retained Earning Treasury Stock Total Shareholder's Equity Balance as on Jan 1 100000 5300000 2800000 8200000 Issue Common Stock 63000 3717000 3780000 Purchase Treasury Stock 365400 -365400 Cash Dividend -108680 -108680 Sale of treasury Stock 14500 -197200 Net Income 680000 Balance as on Dec 31 163000 9031500 3371320 168200 11505920

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