Common stock, $12 par value $ 300,000 Paid-in capital in excess of par value, common stock 110,000 Retained earnings 320,000 In the fourth quarter, the following entries related to its equity are recorded. Date General Journal Debit Credit Oct. 2 Retained Earnings 50,000 Common Dividend Payable 50,000 Oct. 25 Common Dividend Payable 50,000 Cash 50,000 Oct. 31 Retained Earnings 67,000 Common Stock Dividend Distributable 32,000 Paid-In Capital in Excess of Par Value, Common Stock 35,000 Nov. 5 Common Stock Dividend Distributable 32,000 Common Stock, $12 Par Value 32,000 Dec. 1 MemoChange the title of the common stock account to reflect the new par value of $4. Dec. 31 Income Summary 220,000 Retained Earnings 220,000