Question: please help. im only taking this class as an elective and im so confused Assignment Instructions: Mustang Inc. completed the following stock-related transactions during 2020.
please help. im only taking this class as an elective and im so confused
| Assignment Instructions: Mustang Inc. completed the following stock-related transactions during 2020. Record the transactions In a Mustang's general journal. If no entry is required, please state "no entry" or "n/a". | ||
| Jan. 25, 2020 | Mustang declared a $70,000 cash dividend. The company currently has 3,000 shares of 4%, $175 par value cumulative preferred stock outstanding. The company did not pay any dividends in 2019. The company also has 100,000 shares of $1 par value common stock. | |
| Feb. 15, 2020 | Mustang paid the cash dividends. | |
| July 5, 2020 | The common stock split 2:1. | |
| August 2, 2020 | Declared and immediately distributed a 10% stock dividend on the common stock. The market value at the time of the stock dividend was $20 per share. | |
| Oct. 10, 2020 | Purchased 2,500 shares of treasury stock for $15 a share. | |
| Oct. 31, 2020 | Sold 750 shares of the treasury stock for $24 a share. | |
| Nov. 22, 2020 | Sold the remaining shares of treasury stock for $11 a share. |
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