Power Drive Corporation designs and produces a line of golf equipment and golf apparel. Power Drive has 120,000 shares of common stock outstanding as of the beginning of 2012. Power Drive has the following transactions affecting stockholders' equity in 2012.
| March |
1 |
Issues 56,000 additional shares of $1 par value common stock for $60 per share. |
| May |
10 |
Repurchases 8,000 shares of treasury stock for $81 per share. |
| June |
1 |
Declares a cash dividend of $3.50 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 4,000 shares of treasury stock purchased on May 10 for $104 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.) |