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takeAssignment ?invoker-assignments&takeAssignmentSessionLocator-assignment-take;&in-; / aindo a o Calculator Print Itenm Table Reporting Pald-In Capital 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 Paid-In Capital from Sale of Treasury Stock Paid-In Capital in Excess of Par-Preferred Stock Paid-In Capital in Excess of Stated Value- Common Stock Preferred 2% Stock, $120 par Retained Earnings Prepare the Paid-In Capital portion of the Stockholders Equity section of the balance sheet using Method 1 of Exhibit 8. There are 260,000 shares of common stock $1,120,000 569,900 1 00,800 2,688,000 840,000 7,021,000 ) authorized and 19,000 shares of preferred stock authorized. Point Loma Group Inc, Stockholders Equity Paid-in Capital: Preferred 2% Stock, $120 Par (19,000 shares Author zed, 7,000 Shares Issued Paid-in capital, preferned stock men Stock, No Par, ss stated v.ue (260.000 Shares Authorized, 80,000 Shares Issue n· Excess over 1,12um v Pald-in capital, eprimon stock Retained Earnings x Total Paid-In Capital Previous t more Check My Work uses nemainng t for Grading

Solution

Paid in capital: Preferred 2% Stock, $120 Par (19000 shares authorized, 7000 shares issued) 840000 Excess over par 100800 Paid in capital--Preferred stock 940800 Common stock, No par, $14 Stated value, (260000 shares, 80000 shares issued) 1120000 Excess over par 2688000 Paid in capital--Common stock 3808000 Paid in capital from sale of Treasury stock 569900 Total paid in capital 5318700