Houle Ltd. was incorporated on January 15, 2024, and was authorized to issue 2,000,000 common shares and an unlimited amount of 13% fixed dividend, cumulative, retractable, non-participating, non-voting preferred shares. During the remainder of 2024, the company entered into the following transactions: Houle issued 500,000 common shares in exchange for $8,250,000 in cash. A total of 200,000 preferred shares were issued for $12 a share. A dividend was declared on the preferred shares. A $0.25 dividend per s