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 850,000 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 Mar. 30 Jul. 10 Declares a cash dividend of $6 per share. Pays the cash dividend. Declares a property dividend of 1/2 ton of limestone per share when the price of limestone is $25 per ton. 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 500,000 shares of $100 par value 8% preferred stock. It is also authorized to issue 850,000 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 Mar. 30 Jul. 10 Declares a cash dividend of $6 per share. Pays the cash dividend. Declares a property dividend of 1/2 ton of limestone per share when the price of limestone is $25 per ton. 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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