| 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 | |
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| In the fourth quarter, the following entries related to its equity are recorded. |
| Date | General Journal | Debit | Credit |
| 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 | ||
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| Required: | |
| 2. |
Complete the following table showing the equity account balances at each indicated date (include the balances from September 30). |
| Oct. 2 | Oct. 25 | Oct. 31 | Nov. 5 | Dec. 1 | Dec. 31 | ||||||||
| Common stock | $ | $ | $ | $ | $ | $ | |||||||
| Common stock dividend distributable | |||||||||||||
| Paid-in capital in excess of par, common stock | |||||||||||||
| Retained earnings | |||||||||||||
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| Total equity | $ | $ | $ | $ | $ | $ | |||||||
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