Tab Window Help 67% Tue 7:56 A My Drive - Google Drive DI Menu X CengageNOWV2 Online touch X en/takeAssignment/takeAssignmentMain.doFinvokeritakeAssignmentSessionLocator Sinprogress false Update 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 1% Stock, 550 par (400,000 shares authorized, 110,000 shares issued) $5,500,000 Pald-In Capital in Excess of Par-Preferred Stock 880,000 Common Stock $100 par (1,000,000 shares authorized, 270,000 shares issued) 27,000,000 Paid-in Capital in excess of Par-Common Stock 2,160,000 Retained Earnings 54,000,000 At the annual stockholders meeting on March 31. the board of directors presented a plan for moderniting and expanding plant operations at a cost of approximately $15,625,000. The plan provided (a) that a building, valued at $3,000,000, and the and on which it is located, valued at $4,400,000, be acquired in accordance with preliminary negotiations by the issuance of 70,000 shares of common stock valued at $94 per share, (b) that 55,000 shares of the unisce preferred stock be issued through an underwriter, and (c) that the corporation borrow $5,200,000. The plan was approved by the stockholders and accomplished by the following transactions: May 11 Issued 70,000 shares of common stock in exchange for land and a building, according to the plan May 20 Issued 55,000 shares of preferred stock, receiving $55 per share in cash May 31 Borrowed $5,200,000 from Laurel National giving mortgage note Required: Previous Next > All work saved Submit Test for Grading ntries to Record get two lin: $95/m GE G3 KI 27 Voda MacBook Air Tab Window Help Tue 7:56 AM C X Update X 2 My Drive - Google Drive Menu CengageNOW2 Online leac x n/takeAssignment/takeAssignment Main.doFinvokera&taknAssignmentSessionLocator&inprogress false y USSUUTES O Premere reg 5 perre May 31 Borrowed $5,200,000 from Laurel National, giving a 6% mortgage note Requiredi Journalize the entries to record the foregoing transactions. If an amount box does not require an entry, leave it blank May 11. Issued 70,000 shares of common stock in exchange for land and a building, according to the plan May 11 Building 2.000.000 Land Common Stock Paid-in Capital in Excess of Par-Cammon stock 4.000.000 May 20. Issued 55,000 shares of preferred stock, receiving $55 per share in cash May 20 Cash Preferred Stock Paid-In Capital in Excess of Par-Preferred stock DE 0. May 31. Borrowed 55,200,000 from Laurel National, giving a 6% mortgage note May 31 Cash Mortgage Note Payable Previous Next All work saved Submit Test for Grading de get two lines $95/mo. tries to Record 27 VO MacBook Air