Aggregate Mining Corporation was incorporated five years ago. It is authorized to issue 600,000 shares of $100 par value 10% preferred stock. It is also authorized to Issue 700,000 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 seventh year, the corporation has the following transactions: Mar. 1 Declares a cash dividend of $6 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. 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 240,000 240,000 Mar. 30 Cash Dividends Payable Cash Jul. 10 Retained Earnings Property Dividends Payable 240,000 240,000 625,000 X