Stock transactions for corporate expansion Chart of Accounts leatructions Journal Instructionsa On December 1 af the carent vear the tolosmg accounh and ther belances acpear in the ledaer of Late Cop.a cofee procesor Prefemed 2% 5tock $50 par (250 000 shares authariced 80,000 shares sued 14000 000 Paid-in Captal in Excess of Pa-eteed Common Stock $35 par (1.000 000 shares authorized 00000 shares isset 60000 000 000 Po Capt in Excess of Pr-Conmon Stock 1200 D00 180 000 000 Retaned Eang Al the annust shhe meing on March 31, the board of drectos presented a plan tor modeming and epanding pant operations at acot of appiay $11,000000 The plan prowded ja) hat a buding vatued at $3.35,000, and the land on which t in locatied atued at $1,500,00e be acqured in accardance wth preminary negottons by the ance of 125,000 shars of common to a that 0000shares of the unsued prefeed stock be ssued through an undenter and ()tha the carporation bompw $4.000 000 The plan was approved by the stooholders and acconpished by he tollowing thanactons ed 125 000 shares of common sock in echange for nd and a buding accordng to the plan ssued 40 000 shares off pretened stock, receving $52 per share n cashu May 1 20 Ronowed $4 000 s00 Sm La Non nga 5% monage nte Jounetre the ere d he Mey r ow e twotg of acut e Chat of Accouts br Stock transactions for corporate expansion Instructions Chart of Accounts Journal Instructions On December 1 of the current year, the following accounts and their balances appear in the ledger of Latte Corp., a coffee processor Preferred 2 % Stock, $50 par (250,000 shares authorized, 80,000 shares issued) $4,000,000 Capital in Excess of Par-Preferred Stock Paid-In 560,000 Common Stock, $35 par (1,000,000 shares authorized, 400,000 shares issued) 14,000,000 Paid-in Capital in Excess of Par-Common Stock 1,200,000 Retained Earnings 180,000,000 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 $11,000,000. The plan provided (a) that a building, valued at $3,375,000, and the land on which it is located, valued at $1,500,000, be acquired in accordance with preliminary negotiations by the issuance of 125,000 shares of common stock, (b) that 40,000 shares of the unissued preferred stock be issued through an underwriter, and (c) that the corporation borrow $4,000,000. The plan was approved by the stockholders and accomplished by the following transactions May 11 Issued 125,000 shares of common stock in exchange for land and a building, according to the plan. 20 Issued 40,000 shares of preferred stock, receiving $52 per share in cash 31 54,000,000 from Laurel National, giving a 5% mortgage note. Journalize the entries to record the May transactions Refer to the Chart of Accounts for exact wording of account oles