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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
rr

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
Expert Solution

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 3 steps

Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON

Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education

Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education