Huge Corporation has issued 3,000, $7 noncumulative preferred shares and 10,000 common shares. Dividends have not been paid on the preferred shares for the current and one prior year. Huge has recently prospered, and the board of directors has voted to payout $49,000 from retained earnings in cash dividends. Once the $49,000 is paid out, how much would the preferred and common shareholders receive per share?      A. $14.00 per share preferred, $0 per share common.              B. $7 per share preferred, $2.80 per share common.              C. $0 per share preferred, $4.90 per share common.              D. $14.00 per share preferred, $0.70 per share common.              E. $12.25 per share preferred, $0.23 per share common.

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Aggregate Mining Corporation was incorporated five years ago. It is authorized to issue 500,000 shares of $100 par value 10% preferred stock. It is also authorized to issue 750,000 shares of $1 par value common stock. It has issued only 40,000 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 is trading at $20 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   fill in the blank 2 fill in the blank 3     fill in the blank 5 fill in the blank 6 Mar. 30   fill in the blank 8 fill in the blank 9     fill in the blank 11 fill in the blank 12 Jul. 10   fill in the blank 14 fill in the blank 15     fill in the blank 17 fill in the blank 18…

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