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 750,000 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. 1Declares a cash dividend of $2 per share.Mar. 30Pays the cash dividend.Jul. 10Declares a 5% stock dividend when the stock is trading at $20 per share.Aug. 5Issues 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 fill in the blank 2fill in the blank 3 fill in the blank 5fill in the blank 6Mar. 30 fill in the blank 8fill in the blank 9 fill in the blank 11fill in the blank 12Jul. 10 fill in the blank 14fill in the blank 15 fill in the blank 17fill in the blank 18 fill in the blank 20fill in the blank 21Aug. 5 fill in the blank 23fill in the blank 24 fill in the blank 26fill in the blank 27

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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 500,000 shares of $100 par value 10% preferred stock. It is also authorized to issue 750,000 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	Declares a cash dividend of $2 per share.
Mar. 30	Pays the cash dividend.
Jul. 10	Declares a 5% stock dividend when the stock is trading at $20 per share.
Aug. 5	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	fill in the blank 2	fill in the blank 3
	fill in the blank 5	fill in the blank 6
Mar. 30	fill in the blank 8	fill in the blank 9
	fill in the blank 11	fill in the blank 12
Jul. 10	fill in the blank 14	fill in the blank 15
	fill in the blank 17	fill in the blank 18
	fill in the blank 20	fill in the blank 21
Aug. 5	fill in the blank 23	fill in the blank 24
	fill in the blank 26	fill in the blank 27

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