Question
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
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 | $560,000 |
Paid-In Capital from Sale of Treasury Stock | 352,700 |
Paid-In Capital in Excess of ParPreferred Stock | 110,880 |
Paid-In Capital in Excess of Stated ValueCommon Stock | 1,344,000 |
Preferred 2% Stock, $120 par | 924,000 |
Retained Earnings | 4,345,000 |
Prepare the Paid-In Capital portion of the Stockholders' Equity section of the balance sheet using Method 1 of Exhibit 8. There are 130,000 shares of common stock authorized and 21,000 shares of preferred stock authorized.
Paid-in Capital: | ||
CashFrom Sale of Treasury StockPreferred 2% Stock, $120 Par (21,000 Shares Authorized, 7,700 Shares Issued)Retained Earnings | $- Select - | |
CashExcess over parFrom Sale of Treasury StockRetained Earnings | - Select - | |
CashFrom Sale of Treasury StockPaid-in capital, preferred stockRetained Earnings | $- Select - | |
CashCommon Stock, No Par, $5 Stated Value (130,000 Shares Authorized, 40,000 Shares Issued)Retained EarningsFrom Sale of Treasury Stock | $- Select - | |
CashExcess over parPreferred 2% stock, $120 par (85,000 shares authorized, 70,000 shares issued) 7,700 Shares Issued)Retained Earnings | - Select - | |
CashExcess over parPreferred 2% stock, $120 par (85,000 shares authorized, 70,000 shares issued) 7,700 Shares Issued)Paid-in capital, common stock | - Select - | |
CashCommon Stock, No Par, $5 Stated Value (500,000 Shares Authorized, 40,000 Shares Issued)From Sale of Treasury StockPreferred 2% Stock, $120 Par (100,000 shares authorized, 7,700 shares issued)Retained Earnings | - Select - | |
Total Paid-In Capital | $fill in the blank 15 |
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