< D Aggregate Mining Corporation was incorporated five years ago. It is authorized to issue 600,000 shares of $100 per v

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D Aggregate Mining Corporation Was Incorporated Five Years Ago It Is Authorized To Issue 600 000 Shares Of 100 Per V 1 (41.53 KiB) Viewed 19 times

< D Aggregate Mining Corporation was incorporated five years ago. It is authorized to issue 600,000 shares of $100 per 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 sixth year, the corporation has the following transactions: Mar. 1 Declares a cash dividend of $3 per share. Mar. 30 Pays the cash dividend. Jul. 10 Declares a 6% 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 Retained Earnings Cash Dividends Payable Mar. 30 Cash Dividends Payable Cash Jul. 10 Retained Earnings Common Stock Dividend Distributable Additional Paid-in Capital-Common Stock 8:8 Aug. 5 Common Stock Dividend Distributable Common Stock Check My Wol All work saved. Previous Next Save and Ext Submit Test for Grading