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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

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, $14 stated value

$4,480,000.00

2

Paid-In Capital from Sale of Treasury Stock

45,000.00

3

Paid-In Capital in Excess of Par-Preferred Stock

210,000.00

4

Paid-In Capital in Excess of Stated Value-Common Stock

480,000.00

5

Preferred 2% Stock, $120 par

8,400,000.00

6

Retained Earnings

39,500,000.00

Prepare the Paid-In Capital portion of the Stockholders Equity section of the balance sheet using Method 1 of

Exhibit 7

. 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.

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