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 3% Stock, $50 par (400,000 shares authorized, 80,000 shares issued) Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $100 par (900,000 shares authorized, 290,000 shares issued) Paid-In Capital in Excess of Par-Common Stock Retained Earnings $4,000,000 800,000 29,000,000 2,320,000 58,000,000 an 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 $17,250,000. The plan provided (a) that a building, valued at $3,900,000, and the land on which it is located, valued at $5,700,000, accordance with preliminary negotiations by the issuance of 90,000 shares of common stock valued at $93 per share, (b) that 70,000 shares of the ed preferred stock be issued through an underwriter, and (c) that the corporation borrow $3,800,000. The plan was approved by the stockholders and accomplied by the following transactions: May 11. May 201 May 31. Required: Issued 90,000 shares of common stock in exchange for land and a building, according to the plan. Issued 70,000 shares of preferred stock, receiving $55 per share in cash. Borrowed $3,800,000 from Laurel National, giving a 6% mortgage note. an entry, leave it blank May 31 L00.000 m Latonal May May 25,000 shifted king 115 pic May 201 May 31 13,300,000 at ging a May 21 00