march 1 issues 65,000 additional shares of $1 par value common stock for $62 per share. may 10 purchases 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 resells 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, 2021: 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, 2021, is $700,000