Reporting Paid 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 $4,480,000 Pald-in Capital from Sale of Treasury Stock 45,000 Paid In Capital in Excess of Par-Preferred Stock 210,000 Pald-In Capital in Excess of Stated Value-Common Stock 480,000 Preferred 2% Stock, 5120 par 8,400,000 Retained Earnings 39,500,000 Prepare the Pald-in Capital portion of the Stockholders Equity section of the balance sheet using Method 1 of exhibie 8. There are 375,000 shares of common stock authorized and 85,000 shares of preferred stock authorized Point Loma Group Inc., Stockholders' Equity October 31, 20XX Paid In Capital: Preferred 2% Stock $120 Par (85,00/hares Authorized, 70,000 Shares Issued) dropdown Excess over par Pald-in capital, preferred stock Common stock, No Par, $14 Stated Value (375,000 Shares Authorized, 320,000 Shares Issued) Excess over par Paid-in capital, common stock From Sale of Treasury Stock