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
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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
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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