3.2.500.000 400,000 20,000,000 1.600,000 40.000,000 Stock Transactions for Corporate Expansion On December 1 of the current year, the following accounts and their balances appear in the ledger of Latte Corp., a coffee processor: Preferred 4% Stock, $25 par (300,000 shares authorized, 100,000 shares issued) Paid-In Capital in excess of Par-Preferred Stock Common Stock, $100 par (900,000 shares authorized, 200,000 shares issued) Paid-In Capital in Excess of Par-Common Stock Retained Earnings At the annual stockholders' meeting on March 31, the board of directors presented a plan for modernizing and expanding plant operations at a cost of approximately $14,100,000. The plan provided (a) that a building, valued at $3,900,000, and the land on which it is located, valued at $5,700,000, be acquired in accordance with preliminary negotiations by the issuance of 90,000 shares of common stock, (b) that 70,000 shares of the unissued preferred stock be issued through an underwriter, and (c) that the corporation borrow $2,400,000. The plan was approved by the stockholders and accomplished by the following transactions: Issued 90,000 shares of common stock in exchange for land and a building, according to the plan. May Issued 70,000 shares of preferred stock, receiving $30 per share in cash. me Borrowed $2,400,000 from Laurel National, giving a 6% mortgage note. Required: Journalize the entries to record the foregoing transactions For a compound transaction, if an amount box does not require an entry, leave it blank. May 11. Issued 90,000 shares of common stock in exchange for land and a building, according to the plan 11. 20 31 May 20. Issued 70,000 shares of preferred stock, receiving $30 per share in cash. May 20 May 31. Borrowed $2,400,000 from Laurel National, giving a 6% mortgage note. May 31