The following is the Paid-In Capital section of stockholders’ equity for the Renzo Corporation on June 1, 202X:

The following transactions occurred in the months of June and July:

1. Journalize the preceding entries and update the stockholders’ equity ledger.
2. Prepare a new Paid-In Capital section of stockholders’ equity as of July 31, 202X.

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Paid-In Capital: Preferred Stock, $108 par, authorized 22,000 shares, 4,500 shares issued Paid-In Capital in Excess of Par Value-Preferred Common Stock, $21 par, authorized 54,000 shares, 22,000 shares issued Paid-In Capital in Excess of Par Value-Common Total Paid-In Capital $ 486,000 116,000 462,000 165,000 $1,229,000