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 Paid-In Capital from Sale of Treasury Stock Paid-In Capital in Excess of Par-Preferred Stock Paid-In Capital in Excess of Stated Value-Common Stock Preferred 296 Stock, $120 par Retained Earnings $4,480,000 45,000 210,000 480,000 8,400,000 39,500,000 Prepare the Paid-In Capital portion of the Stockholders' Equity section of the balance sheet using Method 1 of Exhibit 9. There are 375,000 shares of common stock authorized and 85,000 shares of preferred stock authorized Point Loma Group Inc. Stockholders' Equity (Paid-In Capital Section) October 31, 20XX Paid-In Capital Preferred 2% Stock, $120 Par (85,000 Shares Authorized, 70,000 shares issued) 8,400,000 | Excess of Issue Price Over Par 4,480,000X Paid-in capital, preferred stock 12,880.000| X Common Stock, No Par, $14 Stated Value (375,000 Shares Authorized, 320,000 Shares Issued) Excess of Issue Price Over Stated Value Paid-in capital, preferred stock 8,610,000 X From Sale of Treasury Stock 45,000 3,615,000 Total Paid-In Capital