Stbo- Transkctions for Corporate Expantion On Deceimber I of the currant vear, the following accounts and their balances appear in the ledger of Latte Corp. a colfee procissort The dan was aporoned by the stodiholders and accomplished by the folowing transactions: May 11 lsued 80,000 shares of commen uod in exchange for land and a building. accorgling to the plan. aequired: ror a comoound banuction, if an amount box does not reguire an entry, leave it blank. The plan was approved by the stockholders and accomplished by the following transactions: May 11. Issued 80,000 shares of common stock in exchange for land and a bullding, according to the plan. May 20. Issued 65,000 shares of preferred stock, receiving $55 per share in cash. May 31. Borrowed $7,100,000 from Laurel National, giving a 6% mortgage note. Required: Joumalize the entries to record the foregoing transactions. For a compound transaction, if an amount box does not require an entry, leave it blank. May 11. Issued 80,000 shares of common stock in exchange for land and a building, according to the plan. Paid-In Capital in Excess of Par-Common stock