The following accounts and their balances were selected from the adjusted trial balance of Point Loma Group Inc., a freight forwarder, at October 31, the end of the current fiscal year: Common Stock, no par, $14 stated value $700,000 Paid-In Capital from Sale of Treasury Stock 422,700 Paid-In Capital in Excess of Par—Preferred Stock 122,400 Paid-In Capital in Excess of Stated Value—Common Stock 1,680,000 Preferred 2% Stock, $120 par 1,020,000 Retained Earnings 5,208,000 Prepare the Paid-In Capital portion of the Stockholders' Equity section of the balance sheet using Method 1 of Exhibit 8. There are 160,000 shares of common stock authorized and 23,000 shares of preferred stock authorized. Point Loma Group Inc., Stockholders' Equity October 31, 20XX Paid-in Capital:     Preferred 2% Stock, $120 Par (23,000 Shares Authorized, 8,500 Shares Issued)  $fill in the blank 2     fill in the blank 4       $fill in the blank 6   $fill in the blank 8     fill in the blank 10       fill in the blank 12     fill in the blank 14 Total Paid-In Capital

Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter12: Corporations: Organization, Stock Transactions, And Dividends
Section: Chapter Questions
Problem 17E: Reporting paid-in capital The following accounts and their balances were selected from the adjusted...
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The following accounts and their balances were selected from the adjusted trial balance of Point Loma Group Inc., a freight forwarder, at October 31, the end of the current fiscal year:

Common Stock, no par, $14 stated value $700,000
Paid-In Capital from Sale of Treasury Stock 422,700
Paid-In Capital in Excess of Par—Preferred Stock 122,400
Paid-In Capital in Excess of Stated Value—Common Stock 1,680,000
Preferred 2% Stock, $120 par 1,020,000
Retained Earnings 5,208,000

Prepare the Paid-In Capital portion of the Stockholders' Equity section of the balance sheet using Method 1 of Exhibit 8. There are 160,000 shares of common stock authorized and 23,000 shares of preferred stock authorized.

Point Loma Group Inc.,
Stockholders' Equity
October 31, 20XX
Paid-in Capital:    
Preferred 2% Stock, $120 Par (23,000 Shares Authorized, 8,500 Shares Issued)  $fill in the blank 2  
  fill in the blank 4  
    $fill in the blank 6
  $fill in the blank 8  
  fill in the blank 10  
    fill in the blank 12
    fill in the blank 14
Total Paid-In Capital
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