Update Aggregate Mining Corporation was incorporated five years ago. It is authorized to issue 550,000 shares of $100 par value 6% cumulative preferred stock. It is also authorized to issue 700,000 shares of $6 par value common stock. It has issued 50,000 of the common shares and 1,000 of the cumulative preferred shares. The corporation has never declared a dividend and the preferred shares are one year in arrears. Aggregate Mining has the following transactions this year: Mar. 1 Declares a cash dividend of $20,000. Mar. 30 Pays the cash dividend. Jul. 10 Declares a 3-for-1 stock split of its common shares. A. Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank. If no entry is required, select "No Entry Required" and leave the amount boxes blank. Mar. 1 Retained Earnings for Preferred Stock Retained Earnings for Common Stock 700,000 X ✓ Cash Dividends Payable ✓ 20,000 ✓ Mar. 30 Cash Dividends Payable ✓ Cash -✔ ✓ ✓ ✓ Jul. 10 No Entry Required ✓ ✓ No Entry Required B. For the stock split, show the calculation for how many shares are outstanding after the spilt and the par value per share after the split. (₁

Update Aggregate Mining Corporation was incorporated five years ago. It is authorized to issue 550,000 shares of $100 par value 6% cumulative preferred stock. It is also authorized to issue 700,000 shares of $6 par value common stock. It has issued 50,000 of the common shares and 1,000 of the cumulative preferred shares. The corporation has never declared a dividend and the preferred shares are one year in arrears. Aggregate Mining has the following transactions this year: Mar. 1 Declares a cash dividend of $20,000. Mar. 30 Pays the cash dividend. Jul. 10 Declares a 3-for-1 stock split of its common shares. A. Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank. If no entry is required, select "No Entry Required" and leave the amount boxes blank. Mar. 1 Retained Earnings for Preferred Stock Retained Earnings for Common Stock 700,000 X ✓ Cash Dividends Payable ✓ 20,000 ✓ Mar. 30 Cash Dividends Payable ✓ Cash -✔ ✓ ✓ ✓ Jul. 10 No Entry Required ✓ ✓ No Entry Required B. For the stock split, show the calculation for how many shares are outstanding after the spilt and the par value per share after the split. (₁

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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