Aggregate Mining Corporation was incorporated five years ago. It is authorized to issue 500,000 shares of $100 par value 8% cumulative preferred stock. It is also authorized to issue 750,000 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 years in arrears. Aggregate Mining has the following transactions this year: Journalize these transactions. For the stock split, show the calculation for how many shares are outstanding after the split and the par value per share after the split
Aggregate Mining Corporation was incorporated five years ago. It is authorized to issue 500,000 shares of $100 par value 8% cumulative preferred stock. It is also authorized to issue 750,000 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 years in arrears. Aggregate Mining has the following transactions this year: Journalize these transactions. For the stock split, show the calculation for how many shares are outstanding after the split and the par value per share after the split
Aggregate Mining Corporation was incorporated five years ago. It is authorized to issue 500,000 shares of $100 par value 8% cumulative preferred stock. It is also authorized to issue 750,000 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 years in arrears. Aggregate Mining has the following transactions this year:
Journalize these transactions. For the stock split, show the calculation for how many shares are outstanding after the split and the par value per share after the split
Definition Definition Type of stock which is granted priority over dividend distributions as compared to common stockholders. Preferred stocks also do not carry any voting rights. Notably, in a case where a company is going to be liquidated, preferred stockholders have a priority claim on the value of assets of the company as quoted in the balance sheet, as compared to the common stockholders.
Aggregate Mining Corporation was incorporated five years ago. It is authorized to issue
600,000 shares of $100 par value 7% 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
Mar. 30
Jul. 10
B. For the stock split, show the calculation for how many shares are outstanding after
the split and the par value per share after the split.
Outstanding shares…
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 850,000 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
Mar. 30
Jul. 10
Declares a cash dividend of $6 per share.
Pays the cash dividend.
Declares a property dividend of 1/2 ton of limestone per share when the price of limestone is $25 per ton.
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 6% preferred stock. It is also authorized to issue 800,000 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 $2 per share.
Mar. 30
Pays the cash dividend.
Jul. 10
Declares a 5% stock dividend when the stock is trading at $15 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
Mar. 30
Jul. 10
Aug. 5