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Power Drive Corporation designs and produces a line of golf equipment and golf apparel. Power Drive has 100,000 shares of com

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POWER DRIVE CORPORATION
Balance Sheet
(Stockholders'Equity Section)
December 31, 2021
Stockholders' Equity:
Common stock $165000
Additional paid-in-capital 9480000
Total paid-in-capital 9645000
Retained earnings 3382000
Treasury stock -195000
Total Stockholders' Equity $12832000

Shares issue on March 1= 65000*$1= $65000

Common stock= Beginning balance+Shares issue on March 1

= $100000+65000= $165000

Additional capital on common stock on March 1= ($62-1)*65000= $3965000

Additional capital on treasury stock= 3000*$70-3000*$65= $15000

Additional paid-in-capital= Beginning balance+Additional capital on common stock on March 1+Additional capital on treasury stock

= $5500000+3965000+15000= $9480000

Outstanding shares for Cash dividend= 100000+65000-6000= 159000 shares

Cash dividend= 159000*$2= $318000

Retained earnings= Beginning balance+Net income-Cash dividend

= $3000000+700000-318000= $3382000

Treasury stock= 6000*$65-3000*$65= $195000

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