Stock Transactions for Corporate Expansion Vaga Optics produces medical lasers for use in hospitals. The following accounts and their balances appear in the ledger of Vaga Optics on December 31 of the current year: Preferred 2% Stock, $120 par (50,000 shares authorized, 25,000 shares issued) $ 3,000,000 Paid-In Capital in Excess of Par-Preferred stock Common stock, $75 par (500,000 shares authorized, 300,000 shares ssued) Paid-In Capital in Excess of Par-common stock Retained Earnings At the annual stackholders meeting on January 31, the board of directors presented a plan for modernizing and expanding plant operations at a cost of appraximately $9,500,000. The plan provided (a) that the corparatian barrow $,500,000, (b) that 20,000 shares of the unissued Preterred stock be issued through an underwriter, and c that a building valued at 1 200 000, and the land on which it s located valued at $900 000, be acquired in accordance with prel minary negotiat ons by the issuance of 27,400 shares of Common stock. The plan was approved by the stockholders and accomplished by the following transactions: Mar. 8. Borrowed 54,500,000 from Conrad National Bank, giving a 6% mortgage note. 400,000 22,500,000 540,000 55,000,000 13. ssued 20,000 shares of Preferred stock, receving $130 per share in cash. 26 ssued 27,400 shares of Common stock in exchange for land and a building, according to the plan No other expansion-related transactions occurred during March Instructions: Illustrate the effects on the accounts and financial statements of the Mar. 3 transaction. If no account or activity is affected, select No effect from the dropdown list and leave the correspondin number entry box blank. Enter account decreases and cash outflows as negative amounts Balance Sheet Assets Liabilities + Cash Flows Equity Mar. 8. Statement of Cash Flows Income Statement