Reference no: EM132838137
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 $840,000
Paid-In Capital from Sale of Treasury Stock 426,600
Paid-In Capital in Excess of Par-Preferred Stock 74,880
Paid-In Capital in Excess of Stated Value-Common Stock 2,016,000
Preferred 2% Stock, $120 par624,000Retained Earnings 5,256,000
Problem 1: Prepare the Paid-In Capital portion of the Stockholders' Equity section of the balance sheet.