Malcolm Inc. was incorporated on January 1 with the issuance of capital stock in return for $90,000 of cash contributed by the owners. The only other transaction entered into prior to beginning...

Malcolm Inc. was incorporated on January 1 with the issuance of capital stock in return for $90,000 of cash contributed by the owners. The only other transaction entered into prior to beginning operations was the issuance of a $75,300 note payable in exchange for building and equipment. The following trial balance was prepared at the end of the first month by the bookkeeper for Malcolm Inc.:

Required

1. Identify the two errors in the trial balance. Ignore depreciation expense and interest expense.

2. Prepare a corrected trial balance.