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 In the forth quarter, the following entries related to its equity are recorded. 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 Explain the transactions(s) underlying each journal entry. Complete the following table showing the equity account balances at each indicated date (include the balance from September 30)