Assignment Instructions:Mustang Inc. completed the following stock-related transactions during 2020. Record the transactions In Mustang's general journal on the "Worksheet" tab.If no entry is required, please state "no entry" or "n/a". Upload your file in Blackboard when you are finished.

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.

GENERAL JOURNAL

Date Accounts Debits Credits

Jan. 25, 2020

Declared a cash dividend

Feb. 15, 2020

Paid the cash dividend

Jul. 5, 2020

Stock split

Aug. 2, 2020

Distributed stock dividend

Oct. 10, 2020

Purchased Treasury Stock

Oct. 31, 2020

Sold Treasury Stock

Nov. 22, 2020

Sold Treasury Stock