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Can someone please make a journal entry with this ! I need help to solve it Instructions On December 1 of the current year, the

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Can someone please make a journal entry with this ! I need help to solve it

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Instructions 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 (240,000 shares authorized, 86,000 shares issued) $4,300,000 Paid-In Capital in Excess of Par-Preferred Stock 516,000 Common Stock, $30 par (1,000,000 shares authorized, 415,000 shares issued) 12,450,000 Paid-In Capital in Excess of Par-Common Stock 1,245,000 Retained Earnings 184, 170,000 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 $3,360,000, and the land on which it is located, valued at $945,000, be acquired in accordance with preliminary negotiations by the issuance of 123,000 shares of common stock valued at $35 per share, (b) that 38,800 shares of the unissued preferred stock be issued through an underwriter, and (c) that the corporation borrow $3,700,000. The plan was approved by the stockholders and accomplished by the following transactions: May 11 Issued 123,000 shares of common stock in exchange for land and a building, according to the plan. 20 Issued 38,800 shares of preferred stock, receiving $52 per share in cash. 31 Borrowed $3,700,000 from Laurel National, giving a 5% mortgage

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