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 per (250.000 shares authorized, 80.000 shares) Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $35 par (1,000,000 shares authorized 400,000 shares) Paid-in Capital in Excess of Pa-Common Stock Retained Earnings $4,000,000 560,000 14,000,000 1,200,000 180 000 000 At the annual stockhalder meting 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 i $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 comments valued at $39 per share, (b) that 40,000 shares of the unsued preferred stack be issued through an underwitter, and (4) that the corporation bomow $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 pretened stock, receiving 552 per share in cash Bowed $4,000,000 from Laurel National, giving a 5% mortgage note Required: 31 Journalize the entries to record the May transactions Refer to the chart of accounts for the exact wording of the account te CNOW ons do not use lines for journal explanations. Every line on a mal page is used for debit or credit entries CNOW journals wil automatically indenta credit entry when a credit amount it entered