Chapter 12, Problem 17E

Reporting paid-in capital

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:

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.