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:
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Common Stock, no par, $14 stated value .......................
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$ 4,480,000
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Paid-In Capital from Sale of Treasury Stock ....................
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45,000
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Paid-In Capital in Excess of Par-Preferred Stock ...................
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210,000
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Paid-In Capital in Excess of Stated Value-Common Stock ............
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480,000
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Preferred 2% Stock, $120 par ...................
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8,400,000
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Retained Earnings .......................
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39,500,000
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Prepare the Paid-In Capital portion of the Stockholders' Equity section of the balance sheet using Method 1 of Exhibit 6. There are 375,000 shares of common stock authorized and 85,000 shares of preferred stock authorized.