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, $419,000$ shares issued$)14,665,000$

Paid$-$In Capital in Excess of Par$$Common Stock $1,676,000$

Retained Earnings $190,700,000$

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, $($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 $11$ Issued $128,000$ shares of common stock in exchange for land and a building, according to the plan.

$20$ 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:

Journalize the entries to record the May transactions.