At December 31, the end of Santee Communication’s third quarter, the following stockhold...

At December 31, the end of Santee Communication’s third quarter, the following stockholders’ equity

accounts are reported.

Common stock, $10 par value . . . . . . . . . . . . . . . . . . . . . . . $480,000

Paid-in capital in excess of par value, common stock . . . . . . . . 192,000

Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 800,000

In the fourth quarter, the following entries related to its equity are recorded.

Required

1. Explain the transaction(s) underlying each journal entry.

2. Complete the following table showing the equity account balances at each indicated date (include

the balances from December 31).