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Stock Transactions for Corporate Expansion

On December $1$ of the current year, the following accounts and their balances appear in the ledger of Latte Corp., a coffee processor:

Preferred $1\%$ Stock, $$25$ par $(400,000$ shares authorized, $100,000$ shares issued$)$ $$2,500,000$

Paid$-$In Capital in Excess of Par$$Preferred Stock $500,000$

Common Stock, $$100$ par $(900,000$ shares authorized, $280,000$ shares issued$)28,000,000$

Paid$-$In Capital in Excess of Par$$Common Stock $2,240,000$

Retained Earnings $56,000,000$

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 $$11,450,000.$ The plan provided $($a$)$ that a building, valued at $$3,000,000,$ and the land on which it is located, valued at $$4,400,000,$ be acquired in accordance with preliminary negotiations by the issuance of $70,000$ shares of common stock valued at $$94$ per share, $($b$)$ that $55,000$ shares of the unissued preferred stock be issued through an underwriter, and $($c$)$ that the corporation borrow $$2,400,000.$ The plan was approved by the stockholders and accomplished by the following transactions:

May $11.$ Issued $70,000$ shares of common stock in exchange for land and a building,

according to the plan.

May $20.$ Issued $55,000$ shares of preferred stock, receiving $$30$ per share in cash.

May $31.$ Borrowed $$2,400,000$ from Laurel National, giving a $6\%$ mortgage note.

Required:

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

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May $11.$ Issued $70,000$ shares of common stock in exchange for land and a building, according to the plan.

May $11$

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May $20.$ Issued $55,000$ shares of preferred stock, receiving $$30$ per share in cash.

May $20$

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May $31.$ Borrowed $$2,400,000$ from Laurel National, giving a $6\%$ mortgage note.

May $31$