At Dec 31, the end of Chilton Communications third quarter, the following stockholders equity accounts are reported :

common stock, $ 10 par value. .$960,000 paid in capital in excess of par value, common stock ... $384,000

retained earnings. .... $1,600,000

in the fourth quarter, the following entries related to its equity are recorded :

Jan 17 retained earnings (dr).. $96,000 common dividend payable (cr)..$96000

Feb 5 common dividend payable (dr).. $96,000 cash (cr).....$96,000

Feb 28 retained earnings (dr).. $252,000 common stock dividend distributable (cr)... $120,000 paid in capital in excess of par value, common stock(cr). .... $132,000

Mar 14 common stock dividend distributable(dr)... $120,000 common stock, $ 10 par value (cr)...$120,000

Mar 25 Memo -change the title of the common stock account to reflect the new par value of $5

Mar 31 income summary (dr).... $720,000 retained earnings (cr).... $720,000

required 1.) explain the transactions underlying each journal entry. 2.) complete the following table showing the equity account balance at each indicated date (include the balance from Dec 31. )

common stock

common stock dividend distributable

paid in capital in excess of par value, common stock

retained earnings

total equity

dates given Jan 17 Feb 5 Feb 28 Mar 14 Mar 25 Mar 31