Mustang Corporation had 100,000 shares of $2 par value common stock outstanding. On December 31, 2021, the company's board of directors declares a 50 percent stock dividend. This stock dividend will be distributed on January 20, 2022 to the stockholders of record on January 15, 2022. The market price of the company's stock is $10 per share on December 31, 2021. Complete the necessary journal entry to record the declaration of the stock dividend by selecting the account names from the drop- down menus and entering the dollar amounts in the debit or credit columns. View transaction list
Mustang Corporation had 100,000 shares of $2 par value common stock outstanding. On December 31, 2021, the company's board of directors declares a 50 percent stock dividend. This stock dividend will be distributed on January 20, 2022 to the stockholders of record on January 15, 2022. The market price of the company's stock is $10 per share on December 31, 2021. Complete the necessary journal entry to record the declaration of the stock dividend by selecting the account names from the drop- down menus and entering the dollar amounts in the debit or credit columns. View transaction list
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Mustang Corporation had 100,000 shares of $2 par value common stock outstanding. On December 31, 2021, the company's board of
directors declares a 50 percent stock dividend. This stock dividend will be distributed on January 20, 2022 to the stockholders of
record on January 15, 2022. The market price of the company's stock is $10 per share on December 31, 2021.
Complete the necessary journal entry to record the declaration of the stock dividend by selecting the account names from the drop-
down menus and entering the dollar amounts in the debit or credit columns.
View transaction list
Journal entry worksheet
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