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 colfee processor: 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 $12,000,000. 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, (b) that 50,000 shares of the unissued preferred stock be issued through an underwriter, and (c) that the corporation borrow $3,600,000. The plah 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 bulding. according to the plan. May 20. Issued 50,000 shares of preferred stock, receiving $30 per share in cash, May 31. Borrowed $3,600,000 from Laurel National, giving a 6% mortgage note. Required: Journalize the entries to record the foregoing transactionsi For a compound transaction, if an amount box does not require an entry, leave it blank. May 11. Issued 65,000 shares of common stock in exchange for fand and a bullding, according to the plan. Required: Journalize the entries to record the foregoing transactions. For a compound transaction, 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 May 20. Issued 50,000 shares of preferred stock, receiving 530 per share in cash. Ma May 31. Borrowed 43,600,000 from Laurel National, giving a 6% mortgage note. May 31