Prepare paid in capital portion of the stockholders equity

Assignment Help Financial Accounting

Reference no: EM131139828

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 6. There are 375,000 shares of common stock authorized and 85,000 shares of preferred stock authorized.

Reference no: EM131139828

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