On December 1 of the current year, the foliowing accounts and their balances appear in the ledger of Latle Corp., a colfee processor: At the annual stockholdere' meetng on March 31, the board of diroctors prosented a plan for modernizing and expanding plant operations at a cost of approximately \$11, coo,000. The plan provided (a) thet a buiding, valued at $3,301,000, and the land on which is is located, valued at $692,000, be acquired in accordance with preliminary negotiations by the issuance of 121,000 shares of (b) that 41,000 shares of the unissued prelerred stock be issued through an underwriter, and (c) that the corporation borrow $3,750,000. The plan was approved by the stockholders and accomplished by the following transactions: May 11 Issued 121,000 shares of common stock in exchange for land and a bulding. according to the plan. 20 Issued 41,000 shares of preterred stock, recelving $53 per share in cash. 31 Borrowed $3,750,000 trom Laurel National, giving a 6% morigage note. Required: Joumalize the entries to record the May transactions. CHART OF ACCOUNTS Latte Corp. General Ledger ASSETS 110Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Inventory 145 Otfice Supplies 151 Prepaid Insurance 181 Land 191 Building 192 Accumulated Depreciation-Building REVENUE 410 Sals 610 Interest Revenue EXPENSES 510 Cost of Goods Sold 515 Credit Card Expense 520 Salaries Expense 531 Advertising Expense 532 Dellvery Expense 533 Selling Expenses 534 Rent Expense 535 Insurance Expense Instructions Chart of Accounts Ceneral Journal Instructions Chart of Accounts Or Ss4 Rent Expense LIABILITIES 210 Accounts Payable 221 Notes Payable 226 Interest Payable 231 Cash Dividends Payable 241 Salaries Payable 261 Mortgage Note Payable At ples of wa. EQUITY 236 Stock Dividends Distributable 311 Common Stock 312 Paid-In Capital in Excess of Par-Common Stock 315 Treasury Stock 321 Preferred Stock 322. Paid-in Capital in Excess of Par-Preferred Stock 331 Paid-In Capital from Sale of Treasury Stock 340 Retained Earnings 351 Cash Dividends 535 insurance Expense 536 Office Supplies Expense 537 Organizational Expenses 561 Depreciation Expense-Bulding 590 Miscellaneous Expense 710 interest Exponse Joumalze the entries to rocord the May transactions. General doumal instruefinas 340 Retained Eamings 351 Cash Dividends 352 Stock Dividends