at december 31 the end of intertec communication s third quarter the following stock 648054

At December 31, the end of Intertec Communication’s third quarter, the following stockholders’ equity accounts are reported.

Common stock, $10 par value	$480,000
Paid in capital in excess of par value, common stock	192,000
Retained earnings	800,000

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

Jan. 17	Retained Earnings	48,000
	Common Dividend Payable		48,000
Feb. 5	Common Dividend Payable	48,000
	Cash		48,000
Feb. 28	Retained Earnings	126,000
	Common Stock Dividend Distributable		60,000
	Paid In Capital in Excess of Par Value,
	Common Stock		66,000
Mar. 14	Common Stock Dividend Distributable	60,000
	Common Stock, $10 Par Value		60,000
Mar. 25	Memo—Change the title of the common stock
	account to reflect the new par value of $5
Mar. 31	Income Summary	360,000
	Retained Earnings		360,000

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 December 31).

Common stock	$______	$______	$______	$______	$______	$______
Common stock dividend
distributable	______	______	______	______	______	______
Paid in capital in excess of par, common stock	______	______	______	______	______	______
Retained earnings	______	______	______	______	______	______
Total equity	$______	$______	$______	$______	$______	$______