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 $4,100,000 Preferred 2% Stock, $50 par (250,000 shares authorized, 82,0 shares issued) Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $30 par (1,000,000 shares authorized, 402,000 shares issued) Pald-In Capital in Excess of Par-Common Stock Retained Earrings 656,000 12,060,000 1,206,000 193,830,000 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 $3,301,000, and the land on which it is located, valued at $692,000, be acquired in accordance with preliminary negotiations by the issuance of 121,000 shares of common stock, (b) that 41,000 shares of the unissued proferred stock be issued through an underwriter, and (c) that the corporation borrow $3,750,000. The plan was approved by the stockholders and accomplished by the following transactions Check My Work Previous Instructions 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 buikling, valued at $3.301.000, and the land on which it is located, valued at $692,000, be acquired in accordance with preliminary negotiations by the issuance of 121,000 shares of common stock. (b) that 41,000 shares of the unissued preferred stock be issued through an underwriter, and (c) that the corporation borrow $3,750,000. The plan was approved by the stockholders and accomplished by the following transactions May 11 Issued 121,000 shares of common stock in exchange for land and a building, according to the plan, 20 Issued 41,000 shares of preferred stock, receiving $53 per share in cash. 31 Borrowed $3,750,000 from Laurel National, going a 6% mortgage note. Joumalize the entries to record the May transactions. Refer to the Chart of Accounts for exact wording of account titles Check My Work Previous All work paved. Email instructor Save and Exit Submit Assignment for Grading Instructions Chart of Accounts Journal Instructions Chart of Accounts A: $1 ely CHART OF ACCOUNTS Latte Corp. yriter. General Ledger ASSETS REVENUE 110 Cash 410 Sales 610 Interest Revenue 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable Jo 141 Inventory EXPENSES 510 Cost of Goods Sold 515 Credit Card Expense 145 Office Supplies Check My Work Previous Chart of Account Journal Instructions Chart of Accounts AI 141 Inventory $1 145 Office Supplies pre 151 Prepaid Insurance 510 Cost of Goods Sold sly writer, SHEETA, an 181 Land 515 Credit Card Expense 520 Salaries Exponse 531 Advertising Expense 532 Delivery Expense 533 Selling Expenses 191 Building 192 Accumulated Depreciation-Building LIABILITIES 210 Accounts Payable 221 Notes Payable 226 Interest Payable 231 Cash Dividends Payable 534 Rant Expense 535 Insurance Expense 536 Office Supplies Expense 537 Organizational Expenses 561 Depreciation Expense-Building 590 Miscellaneous Expense JO Check My Work Previous All work saved Email Instructor Save and Edit Submit Assignment for eBook Stock transactions for corporate expansion Instructions Chart of Accounts Journal pre an Instructions Chart of Accounts At ZOU DI WIERUS DILUIGDIG $1 311 Common Stock 312 Paid-In Capital in Excess of Par-Common Stock 315 Treasury Stock 321 Preferred Stock 322 Paid-In Capital in Excess of Par-Preferred Stock 331 Paid-In Capital from Sale of Treasury Stock 340 Retained Earnings 351 Cash Dividends 352 Stock Dividends Jo BOOK Stock transactions for corporate expansion Instruction Chart of Accounts Journal Instructions Chart of Accounts Journal DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY