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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 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 Note: Enter debits before credits. Date Dec 31 General Journal Debit Credit 4

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 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 Note: Enter debits before credits. Date Dec 31 General Journal Debit Credit 4

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 Mustang Corporation had 100,000 hares 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 Note: Enter debits before credits. Date Dec 31 Record entry General Journal Clear entry Debit Credit View general journal 4
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 Mustang Corporation had 100,000 hares 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 Note: Enter debits before credits. Date Dec 31 Record entry General Journal Clear entry Debit Credit View general journal 4
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