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can someone excellent accounting tutor help me with my homework please. On December 1 of the current year, the following accounts and their balances appear

can someone excellent accounting tutor help me with my homework please.

image text in transcribed On December 1 of the current year, the following accounts and their balances appear in the ledger of Latte Corp., a coffee processor: Preferred 2% Stock, $50 par (250,000 shares authorized, 80,000 shares issued) $4,000,000 Paid-In Capital in Excess of ParPreferred Stock 560,000 Common Stock, $35 par (1,000,000 shares authorized, 400,000 shares issued) 14,000,000 Paid-In Capital in Excess of ParCommon Stock 1,200,000 Retained Earnings 180,000,000 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 $3,375,000, and the land on which it is located, valued at $1,500,000, be acquired in accordance with preliminary negotiations by the issuance of 125,000 shares of common stock, (b) that 40,000 shares of the unissued preferred stock be issued through an underwriter, and (c) that the corporation borrow $4,000,000. The plan was approved by the stockholders and accomplished by the following transactions: May 11 Issued 125,000 shares of common stock in exchange for land and a building, according to the plan. 20 Issued 40,000 shares of preferred stock, receiving $52 per share in cash. 31 Borrowed $4,000,000 from Laurel National, giving a 5% mortgage note. Journalize the entries to record the May transactions. Refer to the Chart of Accounts for exact wording of account titles. On December 1 of the current year, the following accounts and their balances appear in the ledger of Latte Corp., a coffee processor: Preferred 2% Stock, $50 par (250,000 shares authorized, 80,000 shares issued) $4,000,000 Paid-In Capital in Excess of ParPreferred Stock 560,000 Common Stock, $35 par (1,000,000 shares authorized, 400,000 shares issued) 14,000,000 Paid-In Capital in Excess of ParCommon Stock 1,200,000 Retained Earnings 180,000,000 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 $3,375,000, and the land on which it is located, valued at $1,500,000, be acquired in accordance with preliminary negotiations by the issuance of 125,000 shares of common stock, (b) that 40,000 shares of the unissued preferred stock be issued through an underwriter, and (c) that the corporation borrow $4,000,000. The plan was approved by the stockholders and accomplished by the following transactions: May 11 Issued 125,000 shares of common stock in exchange for land and a building, according to the plan. 20 Issued 40,000 shares of preferred stock, receiving $52 per share in cash. 31 Borrowed $4,000,000 from Laurel National, giving a 5% mortgage note. Journalize the entries to record the May transactions. Refer to the Chart of Accounts for exact wording of account titles. X Chart of Accounts CHART OF ACCOUNTS Latte Corp. General Ledger ASSETS REVENUE 110 Cash 410 Sales 120 Accounts Receivable 610 Interest Revenue 131 Notes Receivable EXPENSES 132 Interest Receivable 141 Merchandise Inventory 145 Office Supplies 151 Prepaid Insurance 181 Land 191 Building 192 Accumulated Depreciation-Buildings LIABILITIES 510 Cost of Merchandise Sold 515 Credit Card Expense 520 Salaries Expense 531 Advertising Expense 532 Delivery Expense 533 Selling Expenses 534 Rent Expense 535 Insurance Expense 210 Accounts Payable 536 Office Supplies Expense 221 Notes Payable 537 Organizational Expenses 226 Interest Payable 561 Depreciation Expense-Building 231 Cash Dividends Payable 590 Miscellaneous Expense 236 Stock Dividends Distributable 710 Interest Expense 241 Salaries Payable LIABILITIES 210 Accounts Payable 261 Mortgage Note Payable EQUITY 311 Common Stock 312 Paid-In Capital in Excess of Par-Common Stock 315 Treasury Stock 321 Preferred Stock 322 Paid-In Capital in Excess of Par-Preferred Stock 331 Paid-In Capital from Sale of Treasury Stock 340 Retained Earnings 351 Cash Dividends 352 Stock Dividends 390 Income Summary X Journal Journalize the entries to record the May transactions. Refer to the Chart of Accounts for exact wording of account titles. PAGE 10 JOURNAL DATE 1 2 3 4 5 6 7 8 9 DESCRIPTION POST. REF. DEBIT CREDIT

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