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PA9. LO 14.3 Aggregate Mining Corporation was incorporated five years ago. It is authorized to...

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Accounting

PA9. LO 14.3 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: Mar. 1 Mar. 30 Jul. 10 Declares a cash dividend of $20,000 Pays the cash dividend Declares a 3-for-1 stock split of its common shares 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 Solution Mar. 1 Retained Earnings for Preferred Stock Retained Earnings for Common Stock Cash Dividends Payable Mar. 30 Cash Dividends Payable Jul. 10: Cash

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