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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
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 | $840,000 |
Paid-In Capital from Sale of Treasury Stock | 444,300 |
Paid-In Capital in Excess of ParPreferred Stock | 90,720 |
Paid-In Capital in Excess of Stated ValueCommon Stock | 2,016,000 |
Preferred 2% Stock, $120 par | 756,000 |
Retained Earnings | 5,474,000 |
Prepare the Paid-In Capital portion of the Stockholders' Equity section of the balance sheet using Method 1 of Exhibit 8. There are 190,000 shares of common stock authorized and 17,000 shares of preferred stock authorized.
Point Loma Group Inc., | ||
Stockholders' Equity | ||
October 31, 20XX | ||
Paid-in Capital: | ||
$ | ||
$ | ||
$ | ||
Total Paid-In Capital | $ |
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