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I am struggling with Aug 2 and Nov 22 journal entries. Jan. 25, 2022 Mustang declared a $130,000 cash dividend. The company currently has 4,500
I am struggling with Aug 2 and Nov 22 journal entries.
Jan. 25, 2022 | Mustang declared a $130,000 cash dividend. The company currently has 4,500 shares of 3%, $250 par value cumulative preferred stock outstanding. The company did not pay any dividends in 2020 or 2021. The company also has 300,000 shares of $2 par value common stock outstanding. Use a separate account for the preferred dividends and the common dividends | |
Feb. 15, 2022 | Mustang paid the cash dividends. | |
July 5, 2022 | The common stock split 4:1. | |
August 2, 2022 | Declared and immediately distributed a 5% stock dividend on the common stock. The market value at the time of the stock dividend was $18 per share. | |
Oct. 10, 2022 | Purchased 15,000 shares of treasury stock for $22 a share. | |
Oct. 31, 2022 | Sold 2,000 shares of the treasury stock for $26 a share. | |
Nov. 22, 2022 | Sold the remaining shares of treasury stock for $15 a share.B3:C15 |
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