chapter 14 q 7

Aggregate Mining Corporation was incorporated five years ago. It is authorized to issue 550,000 shares of $100 par value 10% preferred stock. It is also authorized to issue 800,000 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. 5 Issues the stock dividend. Aggregate Mining Corporation was incorporated five years ago. It is authorized to issue 550,000 shares of $100 par value 10% preferred stock. It is also authorized to issue $00,000 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. 5 Issues the stock dividend. Aggregate Mining Corporation was incorporated five years ago. It is authorized to issue 550,000 shares of $100 par value 10% preferred stock. It is also authorized to issue 800,000 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. 5 Issues the stock dividend. Aggregate Mining Corporation was incorporated five years ago. It is authorized to issue 550,000 shares of $100 par value 10% preferred stock. It is also authorized to issue $00,000 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. 5 Issues the stock dividend