1. 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 4% Stock, $50 par (300,000 shares authorized, 120,000 shares issued)	$6,000,000
   Paid-In Capital in Excess of ParPreferred Stock	1,200,000
   Common Stock, $100 par (1,000,000 shares authorized, 230,000 shares issued)	23,000,000
   Paid-In Capital in Excess of ParCommon Stock	1,840,000
   Retained Earnings	46,000,000

   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 $15,350,000. The plan provided (a) that a building, valued at $2,800,000, and the land on which it is located, valued at $4,100,000, be acquired in accordance with preliminary negotiations by the issuance of 65,000 shares of common stock valued at $94 per share, (b) that 50,000 shares of the unissued preferred stock be issued through an underwriter, and (c) that the corporation borrow $5,700,000. The plan was approved by the stockholders and accomplished by the following transactions:

   May 11.	Issued 65,000 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 $55 per share in cash.
   May 31.	Borrowed $5,700,000 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 65,000 shares of common stock in exchange for land and a building, according to the plan.

   May 11		fill in the blank 504ceaf69fbb054_2	fill in the blank 504ceaf69fbb054_3
   		fill in the blank 504ceaf69fbb054_5	fill in the blank 504ceaf69fbb054_6
   		fill in the blank 504ceaf69fbb054_8	fill in the blank 504ceaf69fbb054_9
   		fill in the blank 504ceaf69fbb054_11	fill in the blank 504ceaf69fbb054_12

   May 20. Issued 50,000 shares of preferred stock, receiving $55 per share in cash.

   May 20		fill in the blank 658a02fae074053_2	fill in the blank 658a02fae074053_3
   		fill in the blank 658a02fae074053_5	fill in the blank 658a02fae074053_6
   		fill in the blank 658a02fae074053_8	fill in the blank 658a02fae074053_9

   May 31. Borrowed $5,700,000 from Laurel National, giving a 6% mortgage note.

   May 31		fill in the blank 20cc3005a024fe0_2	fill in the blank 20cc3005a024fe0_3
   		fill in the blank 20cc3005a024fe0_5	fill in the blank 20cc3005a024fe0_6