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I need help with this problem! please show work! The following accounts and their balances were selected from the unadjusted trial balance of Point Loma
I need help with this problem! please show work!
The following accounts and their balances were selected from the unadjusted trial balance of Point Loma Group Inc., a freight forwarder, at October 31, the end of the current fiscal year: 1 Common Stock, no par, $12 stated value $4,116,000.00 2 Paid-In Capital from Sale of Treasury Stock 48,600.00 211,000.00 Paid-In Capital in Excess of Par-Preferred Stock 4 Paid-In Capital in Excess of Stated Value-Common Stock 464,000.00 Preferred 2% Stock, $105 par 7140,000.00 6 Retained Earnings 40,320,000.00 Prepare the Paid-In Capital portion of the Stockhoiders' Equity section of the balance sheet using Method 1 of Exhibit 6. There are 375,000 shares of common stock authorized and 85,000 shares of preferred stock authorized. Refer to the Armount Descriptions list provided for the exact wording of the answer choices for text entries. Amount Descriptions Amount Descriptions Common stock dividends Common stock, no par, S12 stated value; 375,000 shares authorized, 343,000 issued Excess of issue price over par From sale of treasury stock Increase in retained earnings Preferred stock dividends Preferred 2% stock, $105 par; 85,000 shares authorized, 68,000 issued Total contributed capital Total paid-in capital Prepare the Paid-In Capital portion of the Stockholders' Equity section of the balance sheet using Methad 1 of Exhibit 6. There are 375,000 shares of common stock authorized and 85,000 shares of preferred stock authorized. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries Point Loma Group Inc. Stockholders' Equity (Paid-n Capital Section) October 31, 20XX 1 Paid-in capital: 2 Common stock, no par, $12 stated value: 375,000 shares authorized, 343,000 issued 3 Excess of issue price over par 7Total paid-in capitalStep by Step Solution
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