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 seventh year, the corporation has the following transactions:
Mar. 1 Declares a cash dividend of $5 per share
Mar. 30 Pays the cash dividend
Jul. 10 Declares a property dividend of 1/2 ton of limestone per share when the price of limestone is$25 per ton
Journalize these transactions.