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 900,000 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. Declares a cash dividend of $2 per share. 1 Mar. Pays the cash dividend. 30 Jul. Declares a 5% stock dividend when the stock is trading 10 at $20 per share. Aug. 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 II II 1II 1| II II III II
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 900,000 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. Declares a cash dividend of $2 per share. 1 Mar. Pays the cash dividend. 30 Jul. Declares a 5% stock dividend when the stock is trading 10 at $20 per share. Aug. 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 II II 1II 1| II II III II
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
900,000 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.
Declares a cash dividend of $2 per share.
1
Mar.
Pays the cash dividend.
30
Jul.
Declares a 5% stock dividend when the stock is trading
10
at $20 per share.
Aug.
Issues the stock dividend.
5
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
II II III II
II III II](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd98076eb-0482-47e5-8316-d4b90fe4fbfe%2F4f06f01f-ed01-4530-bd6b-ddd52cf18a01%2Fegscjg_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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
900,000 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.
Declares a cash dividend of $2 per share.
1
Mar.
Pays the cash dividend.
30
Jul.
Declares a 5% stock dividend when the stock is trading
10
at $20 per share.
Aug.
Issues the stock dividend.
5
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
II II III II
II III II
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