The following accounts and their balances were selected from the unadjusted trial balance of Poin… 1 answer below »

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:

1

Common Stock, no par, $11 stated value

$3,696,000.00

2

Paid-In Capital from Sale of Treasury Stock

48,700.00

3

Paid-In Capital in Excess of Par-Preferred Stock

219,000.00

4

Paid-In Capital in Excess of Stated Value-Common Stock

476,000.00

5

Preferred 2% Stock, $120 par

8,160,000.00

6

Retained Earnings

38,995,000.0

Prepare the Paid-In Capital portion of the Stockholders’ Equity section of the balance sheet using Method 1 of

Exhibit 7

. There are 375,000 shares of common stock authorized and 85,000 shares of preferred stock authorized. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries.

Amount Descriptions Amount Descriptions Common stock dividends Common stock, no par, $11 stated value; 375,000 shares authorized, 336,000 issued Excess of issue price over par From sale of treasury stock Increase in retained earnings Preferred stock dividends Preferred 2% stock, $120 par; 85,000 shares authorized, 68,000 issued Total contributed capital Total paid-in capital

Prepare the Paid-In Capital portion of the Stockholders’ Equity section of the balance sheet using Method 1 of

Exhibit 7

. There are 375,000 shares of common stock authorized and 85,000 shares of preferred stock authorized. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries.

Point Loma Group Inc.

Stockholders’ Equity (Paid-In Capital Section)

October 31, 20XX

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