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Explain the transaction underlying each journal entry

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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.

1592_Jan.png

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).

1432_Feb.png

Reference no: EM131534622

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