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Reporting paid-in capital The following accounts and their balances were selected from the unadjusted trial balance of Point Lama Group Inc., a freight forwarder, at October 31, the end of the current fiscal year: Common Stock, no par, $14 stated value $ 4,480,000 Paid In Capital from Sale of Treasury Stock 45.000 Paid In Capital in Excess of Par—Preferred Stock................... 210,000 Paid In Capital in Excess of Stated Value—Common Stock 48,000 Preferred 2% Stock, $120 par 3,400,000 Retained Earrings 39,500,000 Prepare the Paid-In Capital portion of the stockholders’ equity section of the balance sheet using Method 1 of Exhibit 8. There are 375,000 shares of common stock authorized and 85,000 shares of preferred stock authorized.

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Accounting

27th Edition
WARREN + 5 others
Publisher: Cengage Learning,
ISBN: 9781337272094
BuyFind

Accounting

27th Edition
WARREN + 5 others
Publisher: Cengage Learning,
ISBN: 9781337272094

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Chapter
Section
Chapter 13, Problem 13.17EX
Textbook Problem

Reporting paid-in capital

The following accounts and their balances were selected from the unadjusted trial balance of Point Lama Group Inc., a freight forwarder, at October 31, the end of the current fiscal year:

Common Stock, no par, $14 stated value $ 4,480,000
Paid In Capital from Sale of Treasury Stock 45.000
Paid In Capital in Excess of Par—Preferred Stock................... 210,000
Paid In Capital in Excess of Stated Value—Common Stock 48,000
Preferred 2% Stock, $120 par 3,400,000
Retained Earrings 39,500,000

Prepare the Paid-In Capital portion of the stockholders’ equity section of the balance sheet using Method 1 of Exhibit 8. There are 375,000 shares of common stock authorized and 85,000 shares of preferred stock authorized.

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Chapter 13 Solutions

Accounting
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