At September 30, the end of Beijing Company’s third quarter, the following stock

Question

At September 30, the end of Beijing Company’s third quarter, the following stockholders’ equity accounts are reported. Common stock, $14 par value $ 360,000 Paid-in capital in excess of par value, common stock 80,000 Retained earnings 300,000 In the fourth quarter, the following entries related to its equity are recorded: Date General Journal Debit Credit Oct. 2 Retained Earnings 70,000 Common Dividend Payable 70,000 Oct. 25 Common Dividend Payable 70,000 Cash 70,000 Oct. 31 Retained Earnings 71,000 Common Stock Dividend Distributable 34,000 Paid-In Capital in Excess of Par Value, Common Stock 37,000 Nov. 5 Common Stock Dividend Distributable 34,000 Common Stock, $14 Par Value 34,000 Dec. 1 Memo—Change the title of the common stock account to reflect the new par value of $4. Dec. 31 Income Summary 210,000 Retained Earnings 210,000

Explanation / Answer

Dates Oct-02 Oct-25 Oct-31 Nov-05 Dec-01 Dec-31 Common Stock 360000 360000 360000 394000 394000 394000 Common stock Dividend distributable 34000 Paid in capital in excess of par-common stock 80000 80000 117000 117000 117000 117000 Retained earnings 290000 290000 219000 219000 219000 429000 Total equity 730000 730000 696000 730000 730000 940000

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