At the annual stockholders$$ meeting on March $31,$ the board of directors presented a plan for modernizing and expanding plant operations at a cost of approximately $$11,000,000.$

The plan provided:

a$.$ that a building, valued at $$3,425,000,$ and the land on which it is located, valued at $$1,500,000,$ be acquired in accordance with preliminary negotiations by the issuance of $150,000$ shares of common stock,

b$.$ that $40,000$ shares of the unissued preferred stock be issued through an underwriter, and

c$.$ that the corporation borrows $$4,000,000.$

The plan was approved by the stockholders and accomplished by the following transactions:

$$ May $11.$ Issued $150,000$ shares of common stock in exchange for land and a building according to the plan.

$$ May $20.$ Issued $40,000$ shares of preferred stock, receiving $$52$ per share in cash.

$$ May $31.$ Borrowed $$4,000,000$ from Laurel National, giving a $5\%$ mortgage note.

Journalize the entries to record the May transactions.