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Power Dive Corponation designs and produces a tine of ol eqsipment and goll appared. Power Drive has 100 000 ss of cemmon steck outslanding as of the beginingof Powr Drivehas the folowing fecting stocahoisers 65,000 aonal sares of $1 par value common stock tor 562 per shae equity in 20 May 10 Repurchases 6,000 shares of treasury stock for 565 per share June 1 Declares a July 1 Pays the cash dividend declared on June 1 21 Reissues 3,000shares of treasury soc purchaned on May 10 for $70 pers Power Drive Corporstion has he falowng begineing baancesinckhalders equtys Required Prepare the stocknoloers equty section of the balance sheet for Power Drive Carporasion as of cee 1.3018 (Amounts to be of Decene 31.2018 (munts to be deducted shouid be Indicated by a minus sign ance She
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Power Drive corporation Balance sheet (Stockholders equity section) 31-Dec-18 Stockholders equity Common stock(100000+65000 shares)*$1 Additional paid in capital 165000 9480000 Total paid in capital 9645000 Retained earnings Treasury Stock 3382000 195000 Total stockholders equity 12832000 Notes a)Additional paid in capital Opening Balance March 1 - 65000shares * $61 Treasury stock(3000 shares *$5) Closing Balance $ 5,500,000 S 3,965,000 15,000 $9,480,000 b)Treasury Stock 6000 shares * $65 Less:reissue (3000*$65) Closing Balance $390,000 $(195,000) $195,000 c)Retained earnings Opening Balance Add:Net income Less:dividends $ 3,000,000 $700,000 $(318,000) (100000+65000-6000)* Closing Balance $3,382,000

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