Instructo On December 1 of the current year, the following accounts and their balances appear in the lodger of Latta Carp, a coffee processor Preferred 2% Stock, $50 par (250,000 shares authored 00 000 $4.000.000 Paid-in Capital in Excess of Pa-Pretemed Stack 580.000 Common Stack, $35 par (1,000,000 shares authorized, 400 000 shares) 14.000.000 Paid-in Capital in Excess of Par-Common Stock Retained Earnings 1,200,000 180,000,000 At the annual stockholders' meeting en March 31, the board of decors prevented 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 acqured in accordance with preliminary negotiations by the issuance of 125,000 shares of common stoc vatued at $30 per share, (b) that 40,000 shares of the unissued preferred stock be issued through an underwriter and that the corporation borow $4.000.000. The plan was approved by the stockholders and accomplished by the tuwing transactions May 11 Issued 125,000 shares of comman stack in exchange for land and a butong, according to the plan 20 d 40,000 shares of preferred stock, eving 552 per share cash Bowed $4000.000 ham Laur National, giving a 5% mortgage note Required 31 Joumaize the entres to record the May transactions Refer to the chart of accounts for the exact wording of the account ties CNOW journais do not use Anes for journal epanations Every ine on a journal page is used to dot or creat ertes CNOW pumals will automatically indent a credit entry when a credit amount o entered JOURNAL DESCRIPTION POSTFEE CREDIT PAGE 10) ACCOUNTING EQUATION EQUITY