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Question Content Area Stock Transactions for Corporate Expansion On December 1 of the current year, the following accounts and their balances appear in the ledger
Question Content Area Stock Transactions for Corporate Expansion On December of the current year, the following accounts and their balances appear in the ledger of Latte Corp., a coffee processor: Preferred Stock, $ par shares authorized, shares issued $ PaidIn Capital in Excess of ParPreferred Stock Common Stock, $ par shares authorized, shares issued PaidIn Capital in Excess of ParCommon Stock Retained Earnings At the annual stockholders' meeting on March the board of directors presented a plan for modernizing and expanding plant operations at a cost of approximately $ The plan provided a that a building, valued at $ and the land on which it is located, valued at $ be acquired in accordance with preliminary negotiations by the issuance of shares of common stock valued at $ per share, b that shares of the unissued preferred stock be issued through an underwriter, and c that the corporation borrow $ The plan was approved by the stockholders and accomplished by the following transactions: May Issued shares of common stock in exchange for land and a building, according to the plan. May Issued shares of preferred stock, receiving $ per share in cash. May Borrowed $ from Laurel National, giving a mortgage note. Required: Journalize the entries to record the foregoing transactions. If an amount box does not require an entry, leave it blank. Question Content Area May Issued shares of common stock in exchange for land and a building, according to the plan. May Question Content Area May Issued shares of preferred stock, receiving $ per share in cash. May Question Content Area May Borrowed $ from Laurel National, giving a mortgage note. May
Question Content Area
Stock Transactions for Corporate Expansion
On December of the current year, the following accounts and their balances appear in the ledger of Latte Corp., a coffee processor:
Preferred Stock, $ par shares authorized, shares issued $
PaidIn Capital in Excess of ParPreferred Stock
Common Stock, $ par shares authorized, shares issued
PaidIn Capital in Excess of ParCommon Stock
Retained Earnings
At the annual stockholders' meeting on March the board of directors presented a plan for modernizing and expanding plant operations at a cost of approximately $ The plan provided a that a building, valued at $ and the land on which it is located, valued at $ be acquired in accordance with preliminary negotiations by the issuance of shares of common stock valued at $ per share, b that shares of the unissued preferred stock be issued through an underwriter, and c that the corporation borrow $ The plan was approved by the stockholders and accomplished by the following transactions:
May Issued shares of common stock in exchange for land and a building,
according to the plan.
May Issued shares of preferred stock, receiving $ per share in cash.
May Borrowed $ from Laurel National, giving a mortgage note.
Required:
Journalize the entries to record the foregoing transactions. If an amount box does not require an entry, leave it blank.
Question Content Area
May Issued shares of common stock in exchange for land and a building, according to the plan.
May
Question Content Area
May Issued shares of preferred stock, receiving $ per share in cash.
May
Question Content Area
May Borrowed $ from Laurel National, giving a mortgage note.
May
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