10. Aggregate Mining Corporation was incorporated five years ago. It is authorized to issue 500,000 shares of $100 par value 8% preferred stock. It is also authorized to issue 750,000 shares of $1 par value common stock. It has issued only 50,000 of the common shares and none of the preferred shares. Treasury StockBuildingCommon StockAdditional Paid-in Capital from Common StockCashLandRetained EarningsCommon Stock Dividend DistributableCash Dividends PayablePreferred StockEquipmentAdditional Paid-in Capital from Preferred StockPLEASE NOTE: For accounts having similar accounting treatment (DR or CR), you are to record accounts in the same order as shown in the textbook. You must enter the account names exactly as written above and all whole dollar amounts will be with "$" and commas as needed (i.e. $12,345).In its sixth year, the corporation has the following transactions:Mar. 1 - Declared a cash dividend of $2 per share: DR CR Mar. 30 - Payment of the cash dividend:DR CR Jul. 10 - Declared a 5% stock dividend when the stock is trading at $15 per share: DR CR CR Aug. 5 - Issues the stock dividend:DR CR

The journal entries are prepared to record the transactions on regular basis. The dividend is…

Answered: Aggregate Mining Corporation was…

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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10. Aggregate Mining Corporation was incorporated five years ago. It is authorized to issue 500,000 shares of $100 par value 8% preferred stock. It is also authorized to issue 750,000 shares of $1 par value common stock. It has issued only 50,000 of the common shares and none of the preferred shares.

Treasury Stock	Building	Common Stock
Additional Paid-in Capital from Common Stock	Cash	Land
Retained Earnings	Common Stock Dividend Distributable	Cash Dividends Payable
Preferred Stock	Equipment	Additional Paid-in Capital from Preferred Stock

PLEASE NOTE: For accounts having similar accounting treatment (DR or CR), you are to record accounts in the same order as shown in the textbook. You must enter the account names exactly as written above and all whole dollar amounts will be with "$" and commas as needed (i.e. $12,345).

In its sixth year, the corporation has the following transactions:

Mar. 1 - Declared a cash dividend of $2 per share:
DR

CR
Mar. 30 - Payment of the cash dividend:
DR

CR
Jul. 10 - Declared a 5% stock dividend when the stock is trading at $15 per share:
DR

CR

CR
Aug. 5 - Issues the stock dividend:
DR

CR

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