okmarks Win Help 28% D Fri 6:38 PM enow.com eBook Calculator Print Item 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. S50 par (230,000 shares authorized, 87,000 shares issued) Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $30 par (1,000,000 shares authorized, 397,000 shares issued) Paid-In Capital in Excess of Par-Common Stock Retained Earnings $4.350,000 522,000 11,910,000 1,191,000 155,490,000 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 $3,314,000, and the land on which it is located, valued at $902,000, be acquired in accordance with preliminary negotiations by the issuance of 124,000 shares of common stock valued at $34 per share, (b) that 40,700 shares of the unissued preferred stock be issued through an underwriter, and (c) that the corporation borrow $3,850,000. The plan was approved by the stockholders and accomplished by the following transactions] May 11 Issued 124,000 shares of common stock in exchange for land and a building, according to the plan. 20 Issued 40,700 shares of preferred stock, receiving $53 per share in cash. 31 Borrowed $3.850,000 from Laurel National, giving a 4% mortgage