PA $7.$ LO $14\mathrm{.}3$ Aggregate Mining Corporation was incorporated five years ago. It is authorized to issue $500,000$ shares of $$100$ par value $8\%$ preferred stock. It is also authorized to issue $750,000$ shares of $$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