At December 31, the end of Chilton Communication’s third quarter, the following stockholders’ equity accounts are reported.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 (take into account the beginning balances from December 31).

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Common stock, $10 par value...... Paid-in capital in excess of par value, common stock Retained earnings... $ 960,000 384,000 1,600,000