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 20 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.
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 20 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.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 1MC: Cash dividends on the 10 par value common stock of Garrett Company were as follows: The 4th-quarter...
Related questions
Question
![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 20 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
1
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 20 percent stock dividend. This stock dividend will be distributed on
January 20, 2022 to the stockholders of record on January 15, 2022. The
Note: Enter debits before credits.
Date
Dec. 31
General Journal
Debit
Credit](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F96ccea39-6e20-4e83-b9fb-b22d2ae10407%2F4be1943b-f67c-49cc-82c5-4254a18b7077%2Ffa1r5ll_processed.png&w=3840&q=75)
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 20 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
1
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 20 percent stock dividend. This stock dividend will be distributed on
January 20, 2022 to the stockholders of record on January 15, 2022. The
Note: Enter debits before credits.
Date
Dec. 31
General Journal
Debit
Credit
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Recommended textbooks for you
![Intermediate Accounting: Reporting And Analysis](https://www.bartleby.com/isbn_cover_images/9781337788281/9781337788281_smallCoverImage.jpg)
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
![Cornerstones of Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781337690881/9781337690881_smallCoverImage.gif)
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
![Intermediate Accounting: Reporting And Analysis](https://www.bartleby.com/isbn_cover_images/9781337788281/9781337788281_smallCoverImage.jpg)
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
![Cornerstones of Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781337690881/9781337690881_smallCoverImage.gif)
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
![EBK CONTEMPORARY FINANCIAL MANAGEMENT](https://www.bartleby.com/isbn_cover_images/9781337514835/9781337514835_smallCoverImage.jpg)
EBK CONTEMPORARY FINANCIAL MANAGEMENT
Finance
ISBN:
9781337514835
Author:
MOYER
Publisher:
CENGAGE LEARNING - CONSIGNMENT
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College