Question

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:
Common Stock, no par, \$14 stated value . . . . . . . . . . . . . . . . . . . . . \$ 4,480,000
Paid-In Capital from Sale of Treasury Stock. . . . . . . . . . . . . . . . . . . 45,000
Paid-In Capital in Excess of Par—Preferred Stock. . . . . . . . . . . . . . . 210,000
Paid-In Capital in Excess of Stated Value—Common Stock . . . . . . . 480,000
Preferred 2% Stock, \$120 par. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,400,000
Retained Earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,500,000
Prepare the Paid-In Capital portion of the Stockholders’ Equity section of the balance sheet using Method 1 of Exhibit 4. There are 375,000 shares of common stock authorized and 85,000 shares of preferred stock authorized.

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