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: through an underwriter, and (c) that the corporation borrow $2,400,000. The plan was approved by the stockholders and accomplished by the following transactions: May 11. Issued 60,000 shares of common stock in exchange for land and a building, according to the plan. May 20. Issued 50,000 shares of preferred stock, receiving $30 per share in cash. May 31. Borrowed $2,400,000 from Laurel National, giving a 6% mortgage note. Required: Journalize the entries to record the foregoing transactions. If an amount box does not require an entry, leave it blank. May 11. Issued 60,000 shares of common stock in exchange for land and a building, according to the plan. M May 20. Issued 50,000 shares of preferred stock, receiving $30 per share in cash. Mc May 31. Borrowed $2,400,000 from Laurel National, giving a 6% mortgage