Assignment Instructions: Mustang Inc. completed the following stock-related transactions during 2016. Record the transactions In Mustang's general journal on the "Worksheet" tab. (second picture)

Assignment Instructions: Mustang Inc. completed the following stock-related transactions during 2016. Record the transactions In Mustang's general journal on the "Worksheet" tab. Upload your file in Blackboard when you are finished. Mustang declared a $30,000 cash dividend. The company currently has 2,000 shares of 896, $125 par value cumulative preferred stock outstanding. The company did not pay any dividends in 2015. The company also has 80,000 shares of $1 par value common stock. Jan. 25, 2016 Feb. 15, 2016 Mustang paid the cash dividends. July 5, 2016 The common stock split 2:1 August 2, 2016 Declared and immediately distributed a 10% stock dividend on the common stock. The market value at the time of the stock dividend was $21 per share. Oct. 10, 2016 Purchased 1,500 shares of treasury stock for $19 a share. Oct. 31, 2016 Sold 750 shares of the treasury stock for $22 a share Nov. 22,2016 Sold the remaining shares of treasury stock for $15 a share. Date Accounts Debits Credits Jan. 25, 2016 Declared a cash dividend Feb. 15, 2016 Paid the cash dividend Jul. 5, 2016 Stock split Aug. 2, 2016 Distributed stock dividend Oct. 10, 2016 Purchased Treasury Stock Sold Treasurv Stock Nov. 22, 2016 Sold Treasury Stock