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Power Drive Corporation designs and produces a line of golf equipment and golf apparel. Po

Power Drive Corporation designs and produces a line of golf equipment and golf apparel. Po

Power Drive Corporation designs and produces a line of golf equipment and golf apparel. Power Drive has 100000 shares of common stock outstanding as of the beginning of 2015. Power drive gas the following transactions affecting stockholders’ equity in 2015. March 1 : issues 54000 additional shares of$1 par value common stock for $51 per share May 10 : Repurchases 4900 shares of treasury stock for $54 per share. June 1: Declares a cash dividend of $1.45 per share to all stockholders of record on June 15. (Hind: Dividends are not paid on treasury stock.) July 1 : pays the cash dividends declared on June 1 October 21 : Reissues 2450 shares of treasury stock purchased on May 10 for $59 per shares. Required : Record each of these transactions. (If no entry is required for a particulars transaction, select “No journal entry required” in the first accounts field.)

Tripti 05-Dec-2019

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