Question: 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.
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).
