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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.

Point Loma Group Inc., Stockholders' Equity October 31, 20XX
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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