Aggregate Mining Corporation was incorporated five years ago. It is authorized to issue 500,000 shares of $100 par value 9% cumulative preferred stock. It is also authorized to issue 900,000 shares of $6 par value common stock. It has issued 70,000 of the common shares and 1,000 of the cumulative preferred shares. The corporation has never declared a dividend and the preferred shares are one year in arrears. Aggregate Mining has the following transactions this year: Mar. 1 Declares a cash dividend of $20,000. Mar. 30 Pays the cash dividend. Jul. 10 Declares a 3-for-1 stock split of its common shares. Question Content Area A. Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank. If no entry is required, select "No Entry Required" and leave the amount boxes blank.
Aggregate Mining Corporation was incorporated five years ago. It is authorized to issue 500,000 shares of $100 par value 9% cumulative preferred stock. It is also authorized to issue 900,000 shares of $6 par value common stock. It has issued 70,000 of the common shares and 1,000 of the cumulative preferred shares. The corporation has never declared a dividend and the preferred shares are one year in arrears. Aggregate Mining has the following transactions this year: Mar. 1 Declares a cash dividend of $20,000. Mar. 30 Pays the cash dividend. Jul. 10 Declares a 3-for-1 stock split of its common shares. Question Content Area A. Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank. If no entry is required, select "No Entry Required" and leave the amount boxes blank.
Aggregate Mining Corporation was incorporated five years ago. It is authorized to issue 500,000 shares of $100 par value 9% cumulative preferred stock. It is also authorized to issue 900,000 shares of $6 par value common stock. It has issued 70,000 of the common shares and 1,000 of the cumulative preferred shares. The corporation has never declared a dividend and the preferred shares are one year in arrears. Aggregate Mining has the following transactions this year: Mar. 1 Declares a cash dividend of $20,000. Mar. 30 Pays the cash dividend. Jul. 10 Declares a 3-for-1 stock split of its common shares. Question Content Area A. Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank. If no entry is required, select "No Entry Required" and leave the amount boxes blank.
Aggregate Mining Corporation was incorporated five years ago. It is authorized to issue 500,000 shares of $100 par value 9% cumulative preferred stock. It is also authorized to issue 900,000 shares of $6 par value common stock. It has issued 70,000 of the common shares and 1,000 of the cumulative preferred shares. The corporation has never declared a dividend and the preferred shares are one year in arrears. Aggregate Mining has the following transactions this year:
Mar. 1
Declares a cash dividend of $20,000.
Mar. 30
Pays the cash dividend.
Jul. 10
Declares a 3-for-1 stock split of its common shares.
Question Content Area
A. Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank. If no entry is required, select "No Entry Required" and leave the amount boxes blank.
Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.
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