eBook Aggregate Mining Corporation was incorporated five years ago. It is authorized to issue 500,000 shares of $100 par

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Ebook Aggregate Mining Corporation Was Incorporated Five Years Ago It Is Authorized To Issue 500 000 Shares Of 100 Par 1 (35.07 KiB) Viewed 9 times

eBook Aggregate Mining Corporation was incorporated five years ago. It is authorized to issue 500,000 shares of $100 par value 8% preferred stock. It is also authorized to issue 900,000 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 $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. S 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 Howed an image in the Aug. 5 Common Stock Dividend Distributable Common Stock Previous Next (?)