t cofflee processor On December 1 of the current year, the following accounts and heir balances appear in the ledger of Latte Corp, a S4 000 000 Preferred 2% Stock, S50 paro250 000 shares authorized, 80,000 thares issued 560,000 Paid-In Capital in Excess of Par-Preterred Stock 400,000 shares issued)0000 Common Stock $35 par (1,000,000 shares authonized, 4 1 200.000 Paid-in Capilal in Excess of Par-Common Stock 180 000 000 Retained Earnings the annual stockthaldecs meeting on March 31, the boand of directors presented a sian for modernzing and epanding plant operaions at a cost of approximately $11,000 000 The plan provided (a) that a a buldng valued at 53,375 000 and the and on which t s located valued at s1.50000, e acquredn accordance with preiminary negotiabions by the issuance tnrough an underurter and ic hat he corporation borrow $4 000 000 The pian was aoproved by the stocknoioers and accomolished by the folowig e of 125,000 shares of mmon.atack (tb that 40,000 shares of the unissued prefered stock be issued May 11 1ssued 125,000 shares of 20 issued 40,000 shares of preferred stock receiving $52 per share in cash common stock in exchange for land and a building, according to the plan 31 Borrowed S4.000.000 from Laurel National giving a 5% mortgage note Refer to the Cnet of Account for eracr wording or account Dies ournace me entreto record the May trantactons