Reference no: EM132742856
Problem - 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:
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
Required - Make the Paid-in capital portion of the "Stockholders' Equity" section of the balance sheet. There are 375,000 shares of common stock authorized and 85,000 shares of preferred stock authorized.