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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 common stock outstanding as of the beginning of 2015. Power Drive has the following transactions affecting stockholders' equity in 2015. March 1 Issues 65,000 additional shares of $1 par value common stock for $62 per share. May 10 Repurchases 6,000 shares of treasury stock for $65 per share. June 1 Declares a cash dividend of $2.00 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 3,000 shares of treasury stock purchased on May 10 for $70 per share. 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, $5,500,000; and Retained Earnings, $3,000,000. Net income for the year ended December 31, 2015, is $700,000. Required: 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.) eBook & Resources eBook: Stockholders' Equity in the Balance Sheet
Gary acquired a 30% interest in the Woo General Partnership by contributing investment land with an adjusted basis of $30,000 and a fair market value of $100,000. Gary originally acquired the land on 2/2/1991. The land was subject to a $40,000 mortga..
Wallowa Company is considering a long-term investment project called ZIP. ZIP will require an investment of $121,080. It will have a useful life of 4 years and no salvage value. Annual revenues would increase by $79,460, and annual expenses (excludin..
Advise Mr. Perry on purchase he is considering. How should note payable and the equipment be valued?
Demonstrate full understanding of the issue with reference to the extant literature - demonstrate partial understanding of the issue with reference to the extant literature
Describe the relationship between the labor efficiency variance and the variable overhead efficiency variance.
Role of a new researcher at a large investment bank - What are the major risks facing this company?
Compute the total cost per equivalent unit for the month and compute the equivalent units of material and of conversion costs in the ending inventory.
A company currently completed 45,000 units of a product that was expected to consume four pounds of direct material for each finished unit. The standard price of direct material was $8 per pound.
Prepare an amortization table through the first two interest periods using the effective-interest method. b) Prepare journal entries to record bond-related transactions as of the folowing dates January 1,2014, July 1 2014, Dec 31,201
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Norma Smith is the controller of Baylor Corporation and is responsible for the preparation of the year-end financial statements. The following transactions occurred during the year.
Plan the sale of assets by Sidney to the new corporation in such a way that he has minimum tax consequences and receives the maximum amount of non-share consideration without any immediate tax liability
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