Aggregate Mining Corporation was incorporated five years ago. It is authorized to issue 500,000 shares of $100 par value 9% cumulative preferred stock. It is also authorized to issue 900,000 shares of $6 par value common stock. It has issued 70,000 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. Question Content Area 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.
Aggregate Mining Corporation was incorporated five years ago. It is authorized to issue 500,000 shares of $100 par value 9% cumulative preferred stock. It is also authorized to issue 900,000 shares of $6 par value common stock. It has issued 70,000 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. Question Content Area 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.
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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Aggregate Mining Corporation was incorporated five years ago. It is authorized to issue 500,000 shares of $100 par value 9% cumulative preferred stock. It is also authorized to issue 900,000 shares of $6 par value common stock. It has issued 70,000 of the common shares and 1,000 of the cumulative
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. |
Question Content Area
A. Prepare the
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