Stick Transactions for Corporate ansion On December 1 of the current year, the following accounts and the balances appear in the ledger of Latte Cor, a coffee processor Preferred to 35 400.000 shares authored, 130,000 shares sued) $9,750,000 Palo-In Capital incess of Par-Peter Stock 1.950,000 Cimonstad, 100 a (00.000 shares autor, 110,000 sharesved) 31,000,000 Pald-in Captain Excess of Par-Common Stock 2,480,000 and Earnings 62,000,000 At the annual stockho meeting on March 31, the board of directors presented aslan for modeming and expanding plant operations to approximate 526.000,009. The pan provided (a) that belona va 53.700,000, and the land on which is cald, wed 15,000,000, e acquired accordance win preliminary negotiations by the end of 85,000 shares of common stock valued at $93 perature 70,000 threat of the issued untered sock besues tough an underwriter and to that the corporation borrow 2.200,000. The plan wasd by the stockholders and accomplished by the wing transactions May 11 Issued s. 30 shares of common stock in exchange for land and a buong according to the Troud 70,000 whares of preferred receiving per share inch Hayal Borrowed 8.300.000 from Nation, giving a signo Required um entries to record the free traction on what box does not more at leave blank May 11. 1.000 es of common dock in change for lang and a building.cording to the pion May 11 May 20. od 70,003 Whares of prescriving 100 Shanna May 20 Shox 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, 575 par (400.000 shares authorised, 130,000 shares) $9,750,000 Paid-In Capital in Bress of Per-Preferred stock 1,950,000 Common Stock, 100 bar (800,000 shares authorized 10,000 shares ved 51,000,000 Paid in Capital in excess of common Stock 2.430,000 Retained Earnings 67,000,000 AT DE older meeting on March 31, the board of directors presented a plan for modernizing and expande want operation at a cost of approximately 24,009,000. The plan Bride) that a building valued at $3,700,000, and the land on which it is located valued 5.400,000, be cured in accordance with remnantation by the sunce 85.000 hwn of common stock Wed 93 pers. (0) that 70,000 shares the used ordered such be hurt through an underwriter, and that the corporation Borrow $9.200,000. The plan wat asoroved by the stockholders and accomplished by the following transactions Marile 85.000 shares of common stock in exchange for and wine cong to the plan M20. 70,000 reso preferred to receiving 160 er en Hy Borrowed 9,300,000 from all oving montage note Required Jom the entries to record the foregoing transactions. It runt box does not require an entry leave it Bank Mar 11. und 5,000 shares of common stoc in exchanger und and a building, according to the plan May 11 May 20. od 70,000 shares of preferred stock, receiving 580 per share in cash May 20 88 Deck My Work Previous Next Polt-in capital com of Pal-Common Stock 2,480,000 Retained Earnings 62,000,000 At the annual stockholders meeting on March 31, the board of directors presented a plan for modernizing and expanding plant operations a cost of coroximately 24,000,000. The plan provided(a) that buito valued at $3.700,000, and the land on which it is located valued at $5.400.000, be acquired in accordance with preliminary negotiations by the ince of 85.000 shares of contatok valued at $97 per share, that 70,000 shares of the unisce preferred teck beissed through an underwriter, and (c) that the corporation borrow $9,300,000. The plan was approved by the stockholders and accomated hy theo transactions May 11 Tssued B5,000 shares of common stock in exchange for land and a buiting according to the plan May 20 Issued 70,000 shares of preferred stock, receving $80 per share in cash, Burrowed 9,300,000 from Laurentional giving 6% mortage note: Check My Work Required Journalise the entries to record the foregoing transactions. It an amount box does not require an entry, leave it blank May 11. Issued 85,000 shares of common stock in exchange for land and a building, according to the plan May 11 May 20. Issued 70,000 shares of preferred stock, receiving $80 per share in cash. May 20 8 May 31. Borrowed 59,300,000 from Laurel National, giving a 6% mortgage note. May 31