Aggregate Mining Corporation was incorporated five years ago. It is authorized to issue 600,000 shares of $100 par value 10% preferred stock. It is also authorized to issue 700,000 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 Declares a cash dividend of $6 per share. Mar. 30 Pays the cash dividend. Jul. 10 Declares a property dividend of 1/2 ton of limestone per share when the price of 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 600,000 shares of $100 par value 10% preferred stock. It is also authorized to issue 700,000 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 Declares a cash dividend of $6 per share. Mar. 30 Pays the cash dividend. Jul. 10 Declares a property dividend of 1/2 ton of limestone per share when the price of 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

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 9PA: Aggregate Mining Corporation was incorporated five years ago. It is authorized to issue 500,000...

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