Aggregate Mining Corporation was incorporated five years ago. It is authorized to issue 600,000 shares of $100 par value 6% preferred stock. It is also authorized to issue 800,000 shares of $1 par value common stock. It has issued only 50,000 of the common shares and none of the preferred shares. In its sixth year, the corporation has the following transactions: Mar. 1 Declares a cash dividend of $2 per share. Mar. 30 Pays the cash dividend. Jul. 10 Declares a 5% stock dividend when the stock trading at $15 per share. Aug. 5 Issues the stock dividend. Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank. Mar. 1 Mar. 30 Jul. 10 Aug. 5

Aggregate Mining Corporation was incorporated five years ago. It is authorized to issue 600,000 shares of $100 par value 6% preferred stock. It is also authorized to issue 800,000 shares of $1 par value common stock. It has issued only 50,000 of the common shares and none of the preferred shares. In its sixth year, the corporation has the following transactions: Mar. 1 Declares a cash dividend of $2 per share. Mar. 30 Pays the cash dividend. Jul. 10 Declares a 5% stock dividend when the stock trading at $15 per share. Aug. 5 Issues the stock dividend. Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank. Mar. 1 Mar. 30 Jul. 10 Aug. 5

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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