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 (250,000 shares authorized, 77,000 shares issued) $3,850,000 Paid-In Capital in Excess of Par-Preferred Stock 616,000 Common Stock, $35 par (1,000,000 shares authorized, 410,000 shares issued) 14,665,000 Paid-In Capital in Excess of Par-Common Stock Retained Earnings 1,676,000 100,700,000 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 $3,422,000, and the land on which it is located, valued at $1,570,000, be acquired in accordance with preliminary negotiations by the issuance of 128,000 shares of common stock valued at $39 per share, (b) that 41,800 shares of the unissued preferred stock be issued through an underwriter, and (c) that the corporation borrow $4,450,000. The plan was approved by the stockholders and accomplished by the following transactions: May 11. 201 Issued 128,000 shares of common stock in exchange for land and a building, according to the plan Issued 41,800 shares of preferred stock, receiving $55 per share in cash 31 Borrowed $4,450,000 from Laurel National, giving a 6% mortgage note Required: Joumalize the entries to record the May transactions. Refer to the chart of accounts for the act wording of the account otles. CNOW journals do not use lines for joumal explanations. Every line on a joumal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered