P12-17 603 LO4 Equity Analysis--Journal Entries and Account Balances At September 30, the end of Witsonchveroni Company's third quarter, the following stockholders' equity accounts are reported. Common stock, $12 par value Paid in capital in excess of par Retained earnings $180,000 45,000 160,000 In the fourth quarter, the following entries related to its equity accounts are recorded. 30,000 30,000 30,000 30,000 37,500 Oct. 8 Retained Earnings Stock Dividends Distributable Oct. 29 Common Dividend Payable Cash. Oct. 31 Retained Earnings Stock Dividends Distributable Paid-in Capital in Excess of Par Nov. 10 Stock Dividend Distributable. Common Stock Dec. 8 No Entry. Change the title of the common stock to reflect the new par value at $4 Dec. 31 Income Summary Retained Earnings 18,000 19,500 18,000 18,000 105,000 105,000 Required 1. Explain each journal entry. 2. Complete the equity section at the date of December 31