Question

having some trouble here

porting in Capital lowing 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 Common Stock, no pat, $14 stated value $560,000 Pole-in Capital from Sale of Treasury Stock 330,100 Pald-in Capital in Excess of Par-Preferred Stock 90,720 Pald-In Capital in Excess of Stated Value-Common Stock 1,344,000 Preferred 2% Stock, 5120 par 756,000 Retained Earnings 4,067,000 Prepare the Paid-in Capital portion of the Stockholders' Equity section of the balance sheet using Method I of Exhibit 8. There are 130,000 shares of common stock a and 17,000 shares of preferred stock authorized Point Loma Group Inc., Stockholders' Equity

Answer 1

Amount $ Point Loma Group Inc Stockholders Equity for the period ended 31st October :- Particulars Amount $ Paid-in capital :- Preferred 2% stock, S 120 par (17,000 shares authorized, 6,300 shares issued) 756,000 Excess of issue over par value 90,720 846,720 560,000 Common stock, no par, S 14 stated value (130,000 shares authorized, 40,000 shares issued) Excess of issue over par value 1,344,000 1,904,000 Sale of Treasury stock Paid in capital from sale of Treasury stock Total Paid in capital 330,100 90,720 420,820 3,171,540