Preferred $1\%$ Stock, $$120$ par $(300,000$ shares authorized, $36,000$ shares issued$)$

Paid$-$In Capital in Excess of Par$-$Preferred Stock

$$4,320,000$

$180,000$

$21,000,000$

$3,500,000$

$78,000,000$

Common Stock, $$15$ par $(2,000,000$ shares authorized, $1,400,000$ shares issued$)$

Paid$-$In Capital in Excess of Par$-$Common Stock

Retained Earnings

At the annual stockholders' meeting on August $5,$ the board of directors presented a plan for modernizing and expanding plant operations at a cost of approximately $$9,000,000.$ The plan provided $($a$)$ that the corporation borrow $$1,500,000,($b$)$ that $20,000$ shares of the unissued preferred stock be issued through an underwriter, and $($c$)$ that a building, valued at $$4,150,000,$ and the land on which it is located, valued at $$800,000,$ be acquired in accordance with preliminary negotiations by the issuance of $300,000$ shares of common stock valued at $$16\mathrm{.}50$ per share. The plan was approved by the stockholders and accomplished by the following transactions:

Required:

Journalize the entries to record the October transactions. If an amount box does not require an entry, leave it blank.

Oct. $9$ Borrowed $$1,500,000$ from St$.$ Peter City Bank, giving a $4\%$ mortgage note.

Oct. $9$

Alpha$-$numeric input field

Oct. $17$ Issued $20,000$ shares of preferred stock, receiving $$126$ per share in cash.

Oct. $17$

Oct. $28$ Issued $300,000$ shares of common stock in exchange for land and a building, according to the plan.

Oct. $28$

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Common Stock

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Paid$-$In Capital in Excess of Par$-$Common Stock $$