Question
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
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 55,000 shares of $8 par common stock for $10 per share. 15 Issued 14,000 shares of $80 par preferred stock for $90 per share. Feb. 14 Issued 44,000 shares of $8 par common stock for $12 per share. Dec. 31 During the year, earned $520,000 of cash revenues and paid $301,600 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 8,800 shares of $80 par preferred stock for $92 per share. June 1 Purchased 3,400 shares of common stock as treasury stock at $14 per share. Dec. 31 During the year, earned $425,000 of cash revenues and paid $246,500 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.
Organize the transaction data in accounts under an accounting equation.
Event 2014 12 1115 2/14 12/31 12/31 12/31 Bal 2015 Beg. bal. 1131 31 12/31 12/31 12/31 End. bal. MALARD CORPORATION Accounting Equation Stockholders' Equity Assets Liabilities Accounts Titles for Paid-In Capital Paid-In Capital Retained Retained Earnings Dividends Common in Excess Stock Preferred Cash in Excess Stock Stock Payable Earnings Preferred Stock Common Stock 0 0 0 0 0 0 0 0 0 0 0
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