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Aggregate Mining Corporation was incorporated five years ago. It is authorized to issue 600,000 shares of $100 par value 8% preferred stock. It is also authorized to issue 700,000 shares of $1 par value common stock. It has issued only 40,000 of the common shares and none of the preferred shares. In its sixth year, the corporation has the following transactions: Mar. 1 Mar. 30 Jul., 10. Aug. S 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) Declares a cash dividend of $3 per share. Pays the cash dividend, Declares a 6% stock dividend when the stock is trading at $15 per share. Issues the stock dividend. Aug. 5

Aggregate Mining Corporation was incorporated five years ago. It is authorized to issue 600,000 shares of $100 par value 8% preferred stock. It is also authorized to issue 700,000 shares of $1 par value common stock. It has issued only 40,000 of the common shares and none of the preferred shares. In its sixth year, the corporation has the following transactions: Mar. 1 Mar. 30 Jul., 10. Aug. S 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) Declares a cash dividend of $3 per share. Pays the cash dividend, Declares a 6% stock dividend when the stock is trading at $15 per share. Issues the stock dividend. Aug. 5

FINANCIAL ACCOUNTING
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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Aggregate Mining Corporation was incorporated five years ago. It is authorized to issue 600,000 shares of $100 par value 8% preferred stock. It is also authorized to issue 700,000 shares of $1 par value common stock. It has issued only 40,000 of the common shares and none of the preferred shares. In its sixth year, the corporation has the following transactions: Mar. 1 Mar. 30 Jul. 10 Aug. S Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank. Mar. 1 Mar 30 Declares a cash dividend of $3 per share. Pays the cash dividend. Declares a 6% stock dividend when the stock is trading at $15 per share. Issues the stock dividend. Jul, 10 Aug. 5 000 00 00 000 00 00
Transcribed Image Text:Aggregate Mining Corporation was incorporated five years ago. It is authorized to issue 600,000 shares of $100 par value 8% preferred stock. It is also authorized to issue 700,000 shares of $1 par value common stock. It has issued only 40,000 of the common shares and none of the preferred shares. In its sixth year, the corporation has the following transactions: Mar. 1 Mar. 30 Jul. 10 Aug. S Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank. Mar. 1 Mar 30 Declares a cash dividend of $3 per share. Pays the cash dividend. Declares a 6% stock dividend when the stock is trading at $15 per share. Issues the stock dividend. Jul, 10 Aug. 5 000 00 00 000 00 00
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