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 $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 9. There are 375,000 shares of common stock authorized and 85,000 shares of preferred stock authorized. Point Loma Group Inc.Balance SheetOctober 31, 20XX Stockholder’s Equity     blank Paid-in Capital: blank blank blank   $Preferred 2% Stock, $120 Par (85,000 Shares Authorized, 70,000 Shares Issued)   blank   Excess of Issue Price Over Par   blank     $Paid-In Capital, Preferred Stock     $Common Stock, No Par, $14 Stated Value (375,000 Shares Authorized, 320,000 Shares Issued)   blank   Excess of Issue Price Over Par   blank     Paid-In Capital, Common Stock       From Sale of Treasury Stock blank Total Paid-In Capital   blank $fill in the blank 15

Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
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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 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 9. There are 375,000 shares of common stock authorized and 85,000 shares of preferred stock authorized.

Point Loma Group Inc.Balance SheetOctober 31, 20XX

Stockholder’s Equity     blank
Paid-in Capital: blank blank blank
 
$Preferred 2% Stock, $120 Par (85,000 Shares Authorized, 70,000 Shares Issued)   blank
 
Excess of Issue Price Over Par   blank
 
  $Paid-In Capital, Preferred Stock  
 
$Common Stock, No Par, $14 Stated Value (375,000 Shares Authorized, 320,000 Shares Issued)   blank
 
Excess of Issue Price Over Par   blank
 
  Paid-In Capital, Common Stock  
 
  From Sale of Treasury Stock blank
Total Paid-In Capital   blank $fill in the blank 15
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