Question

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, $10 stated value $3,330,000.00 2 Paid-In Capital from Sale of Treasury Stock 44,400.00 3 Paid-In Capital in Excess of Par-Preferred Stock 226,000.00 4 Paid-In Capital in Excess of Stated Value-Common Stock 459,500.00 5 Preferred 2% Stock, $120 par 9,480,000.00 6 Retained Earnings 39,660,000.00 Prepare the Paid-In Capital portion of the stockholders’ equity section of the balance sheet using Method 1 of Exhibit 8. 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

Exhibit 8 is just a picture of the format. I know how to format the answer. I just need the answer.

Answer 1

Point Loma Group Inc.
Stockholders' Equity
October 31, 20XX
Paid-In Capital
Preferred 2% stock, $120 par (85,000 Shares Authorized, 79,000 shares Issued)                   [Refer working note 1]	$9,480,000
Excess over Par	$226,000
Paid-In Capital, preferred stock		$9,706,000
Common Stock, No par, $10 stated value (375,000 Shares Authorized, 333,000 shares Issued)   [Refer working note 2]	$3,330,000
Excess over Par	$459,500
Paid-In Capital, Common stock		$3,789,500
From Sale of Treasury Stock		$44,400
Total Paid-In Capital		$13,539,900

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Working note 1 - Number of shares of preferred stock issued
Total par value of preferred stock (a)	$9,480,000
Par value per preferred share (b)	$120
Number of shares of preferred stock issued (a / b)	79,000

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Working note 2 - Number of shares of common stock issued
Total stated value of common stock (a)	$3,330,000
Stated value per common share (b)	$10
Number of shares of common stock issued (a / b)	333,000