Aggregate Mining Corporation was incorporated five years ago. It is authorized to issue 600,000 shares of $100 par value 10% preferred stock. It is also authorized to issue 700,000 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 seventh year, the corporation has the following transactions: Mar. 1 Declares a cash dividend of $6 per share. Mar. 30 Pays the cash dividend. Jul. 10 Declares a property dividend of 1/2 ton of limestone per share when the price of Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank. Mar. 1 Retained Earnings Cash Dividends Payable Mar. 30 Cash Dividends Payable Cash Jul. 10 Retained Earnings Property Dividends Payable

Aggregate Mining Corporation was incorporated five years ago. It is authorized to issue 600,000 shares of $100 par value 10% preferred stock. It is also authorized to issue 700,000 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 seventh year, the corporation has the following transactions: Mar. 1 Declares a cash dividend of $6 per share. Mar. 30 Pays the cash dividend. Jul. 10 Declares a property dividend of 1/2 ton of limestone per share when the price of Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank. Mar. 1 Retained Earnings Cash Dividends Payable Mar. 30 Cash Dividends Payable Cash Jul. 10 Retained Earnings Property Dividends Payable

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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