At December 31, the end of Intertec Communication”s third quarter, the following…


Question Description:

29.99

At December 31, the end of Intertec Communication”s third quarter, the following… 1 answer below » 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. View complete question » Jan. 17 Retained Earnings 48,000 Common Dividend Payable 48,000 Feb. 5 Common Dividend Payable 48,000 Cash 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 $______ $______ $______ $______ $______ $______ View less » Jul 24 2014 07:49 AM

Answer

29.99