I-Can-See Optics produces medical lasers for use in hospitals. The accounts and their balances appear in the ledger of I-Can-See Optics on November 30 of the current year at the top of the following page.
Preferred 2% Stock, $80 par (40,000 shares authorized,
25,000 shares issued) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,000,000
Paid-In Capital in Excess of Par—Preferred Stock . . . . . . . . . 120,000
Common Stock, $100 par (500,000 shares authorized,
50,000 shares issued) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000,000
Paid-In Capital in Excess of Par—Common Stock . . . . . . . . . 300,000
Retained Earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,794,000
At the annual stockholders' meeting on December 10, the board of directors presented a plan for modernizing and expanding plant operations at a cost of approximately $3,800,000.
The plan provided
(a) That the corporation borrow $900,000,
(b) That 10,000 shares of the unissued preferred stock be issued through an underwriter, and
(c) That a building, valued at $1,675,000, and the land on which it is located, valued at $250,000, be acquired in accordance with preliminary negotiations by the issuance of 16,000 shares of common stock. The plan was approved by the stockholders and accomplished by the following transactions:
Jan. 6. Borrowed $900,000 from City National Bank, giving a 6% mortgage note.
15. Issued 10,000 shares of preferred stock, receiving $95 per share in cash.
31. Issued 16,000 shares of common stock in exchange for land and a building, according to the plan.
No other transactions occurred during January.

Instructions
Journalize the entries to record the foregoing transactions.