| Malard Corporation was authorized to issue 200,000 shares of $8 par common stock and 50,000 shares of $80 par, 4 percent, cumulative preferred stock. Malard Corporation completed the following transactions during its first two years of operation: |
| 2014 |
| Jan. | 2 | Issued 75,000 shares of $8 par common stock for $10 per share. |
| 15 | Issued 22,000 shares of $80 par preferred stock for $90 per share. | |
| Feb. | 14 | Issued 60,000 shares of $8 par common stock for $12 per share. |
| Dec. | 31 | During the year, earned $680,000 of cash revenues and paid $394,400 of cash operating expenses. |
| 31 | Declared the cash dividend on outstanding shares of preferred stock for 2014. The dividend will be paid on January 31 to stockholders of record on January 15, 2015. | |
| 31 | Closed revenue, expense, and dividend accounts to the retained earnings account. |
| 2015 |
| Jan. | 31 | Paid the cash dividend declared on December 31, 2014. | |||||
| Mar. | 1 | Issued 12,000 shares of $80 par preferred stock for $92 per share. | |||||
| June | 1 | Purchased 5,000 shares of common stock as treasury stock at $14 per share. | |||||
| Dec. | 31 | During the year, earned $585,000 of cash revenues and paid $339,300 of cash operating expenses. | |||||
| 31 | Declared the dividend on the preferred stock and a $1.00 per share dividend on the common stock. | ||||||
| 31 | Closed revenue, expense, and dividend accounts to the retained earnings account.
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