Reporting Paid-In CapitalThe following accounts and their balances were selected from the adjusted trial balance of Block Ayala Group Inc., a freight forwarder, at October 31, the end of the current fiscal year:Common Stock, no par, $22 stated value$5,500,000Paid-In Capital from Sale of Treasury Stock35,000Paid-In Capital in Excess of Par—Preferred Stock165,000Paid-In Capital in Excess of Stated Value—Common Stock380,000Preferred 2% Stock, $110 par6,050,000Retained Earnings31,036,000Prepare the Paid-In Capital portion of the Stockholders' Equity section of the balance sheet using Method 1 of Exhibit 8. There are 300,000 shares of common stock authorized and 100,000 shares of preferred stock authorized.Block Ayala Group Inc.,Stockholders' EquityOctober 31Paid-In Capital: $- Select - - Select - $- Select - $- Select - - Select - - Select - - Select - Total Paid-In Capital $fill in the blank 15

No. of preferred stock issued = Preferred stock capital/par value per share = 6050000/110 = 55000 shareBlock Ayala Group Inc.,Stockholders' EquityOctober 31 Paid-in Capital Preferred 2 % stock $ 110 Par ( 100,000 shares authorized, 55000 shares issued) $6050000 Excess of issue price over par 165000 Paid-in Capital, Preferred Stock 6215000 Common Stock, No Par, $22 stated value 5500000 Excess of issue price over stated value 380000 Paid-in Capital, Common Stock 5880000 Paid-in Capital Treasury Stock 35000 Total Paid-in Capital $12130000

Answered: The following accounts and their…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Reporting Paid-In Capital

The following accounts and their balances were selected from the adjusted trial balance of Block Ayala Group Inc., a freight forwarder, at October 31, the end of the current fiscal year:

Common Stock, no par, $22 stated value	$5,500,000
Paid-In Capital from Sale of Treasury Stock	35,000
Paid-In Capital in Excess of Par—Preferred Stock	165,000
Paid-In Capital in Excess of Stated Value—Common Stock	380,000
Preferred 2% Stock, $110 par	6,050,000
Retained Earnings	31,036,000

Prepare the Paid-In Capital portion of the Stockholders' Equity section of the balance sheet using Method 1 of Exhibit 8. There are 300,000 shares of common stock authorized and 100,000 shares of preferred stock authorized.

Block Ayala Group Inc.,Stockholders' EquityOctober 31

Paid-In Capital:
	$- Select -
	- Select -
		$- Select -
	$- Select -
	- Select -
		- Select -
		- Select -
Total Paid-In Capital			$fill in the blank 15

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