at september 30 the end of excel company s third quarter the following stockholders 648049

At September 30, the end of Excel Company’s third quarter, the following stockholders’ equity accounts are reported.

Common stock, $12 par value	$720,000
Paid in capital in excess of par value, common stock	180,000
Retained earnings	640,000

In the fourth quarter, the following entries related to its equity are recorded.

Oct. 2	Retained Earnings		120,000
	Common Dividend Payable			120,000
Oct. 25	Common Dividend Payable		120,000
	Cash			120,000
Oct. 31	Retained Earnings		150,000
	Common Stock Dividend Distributable			72,000
	Paid In Capital in Excess of
	Par Value, Common Stock			78,000
Nov. 5		Common Stock Dividend Distributable	72,000
		Common Stock, $12 Par Value		72,000
Dec. 1		Memo—Change the title of the common stock
		account to reflect the new par value of $4
Dec. 31		Income Summary	420,000
		Retained Earnings		420,000

Required

1. Explain the transaction(s) underlying each journal entry.

2. Complete the following table showing the equity account balances at each indicated date (include the balances from September 30).