Hi ALB -
I had several problems with your post:
1. You say that the ppi of the file to be placed on the (receiving) 8.5 x 11 canvas, not only *matters*, but you go on to insist that the two ppi's must be matched. Perhaps there are some combination of PS / ACR preferences and image sizes for which this might be true, but I've never seen the ppi of the incoming file matter in the least. Towards this end, I put together a little demo that illustrates this. I took an image for which the ppi wasn't specified, and then made two copies of it with separate file names. Both copies had same number of pixels as the original (ie, no resampling). One was 72 ppi, and the other was 300 ppi.
I then brought all three of them directly into PS CS6, and copied and pasted all three of them onto a blank 300 ppi canvas of dimensions 1064 pixels wide by 2120 px high. There is not an iota of difference in size between the three versions. I also repeated the same exercise using the "Place" command and there was no difference. The result can be seen in the 1st attachment.
Conclusion: The ppi of the input file doesn't make any difference whatsoever when placing it on a new, larger canvas. Note that the above demo is not the same as changing the ppi of the receiving canvas, ie, Chris's suggestion.
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2. My second problem with your post is that you introduced the distinction between ppi and dpi. IMHO, this was unnecessary. It is completely unrelated to the OP's problem (which, in reality, is caused simply by him having inadequate numbers of pixels in each dimension). The dpi / ppi distinction is legend for confusing people, and I suspect that it will also confuse the OP. If anyone is interested, the best, most concise explanation of the difference between the two quantities is, IMHO, in the last section of this page:
http://www.andrewdaceyphotography.com/articles/dpi/
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3. In your post, you state,
"...If I know I want to arrive at a 8 x 10 print size at 300 dpi, I have to have an image online at 72 to have a pixel dimension of 2400 x 3000....". IMHO, this is terribly confusing. Even I can't figure out what you are trying to say. As we both know, the ppi for on-line images is completely irrelevant, so why did you mention it? It would have been much clearer and less misleading to simply make the same statement but completely remove any mention of 72 ppi, e.g.,
"For a nice 8x10, make sure your image is at least 2400 pixels by 3000 pixels."
Regards,
Tom M