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 2018. Power Drive has the following transactions affecting stockholders' equity in 2018. March 1 Issues 59,000 additional shares of $1 par value common stock for $56 per share. May 10 Purchases 5,400 shares of treasury stock for $59 per share. June 1 Declares a cash dividend of $1.70 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 2,700 shares of treasury stock purchased on May 10 for $64 per share. Required: Record each of these transactions. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field.)

The first stage in the accounting cycle is to make a journal entry. A sort of securities, common stock is a form of company or firm equity ownership.    

Explanation:

The journal entries of Power Drive Corporation have been recorded from March 1 to October 21. The snipshot of the journal entries of the Power Drive corporation is attached below:    

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Solution:

Power Drive Corporation has the following beginning balances in its stockholders’ equity accounts on January 1, 2012:  

Common Stock, $100,000;  

Additional Paid-in Capital - common stock    $4,830,000;  

Retained Earnings,  $2,520,000.  

March 1 Issues 55,500 additional shares of $1 par value common stock for $67 per share.

Dr Cash 3,718,500

Cr Common stock 55,500

Cr Paid-in Capital 3,663,000

At this point there are 175,500 common shares outstanding

May 10 Repurchases 11,000 shares of treasury stock for $89 per share.

Dr Treasury stock 979,000

Cr Cash 979,000

At this point there are 164,500 common shares outstanding

June 1 Declares a cash dividend of $1.50 per share to all stockholders of record on June 15.  

Dr Cash dividend 246,750 (164,500 x $1.50)

Cr Dividend payable 246,750

July 1 Pays the cash dividend declared on June 1.

Dr Dividend payable 246,750

Cr CAsh 246,750

October 21 Reissues 3,000 shares of treasury stock purchased on May 10 for $95 per share.

Dr Cash 285,000

Cr Treasury stock 267,000 (3,000 x cost of $89)

Cr Additional paid-in capital - treasury stock 18,000

At this point there are 167,500 common shares outstanding   Stockholders' equity

Common stock - 175,500 shares of $1 par issued, 167,500 outstanding $175,500

Additional paid-in capital - common stock $8,493,000

Additional paid-in capital - treasury stock $18,000

retained earnings $2,803,250

less Treasury stock (8,000 shares) $712,000

Stockholders' equity $10,777,750

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