Stock transaction for corporate expansion Pulsar Opties produces medical lasers for use in hospitals. The accounts and their balances appear in the lodger of Pulsar Optics on April 30 of the current year as follows: Preferred 2% Stock $25 par (400,000 shares authorized, 100,000 shares isand) $2,500,000 Paid In Capital in excess of Par-Preferred Stock 400,000 Common Stock $100 par (900,000 shares authorized, 240,000 shares issued 24,000,000 Poid-in Capital in excess of Par-Common Stock 1.920,000 Retained Earnings 48,000,000 At the annual stockholders' meeting on August 5, the board of directors presented a plan for modernizing and expanding plant operations at a cost of approximately $12.750,000. The plan provided (a) that the corporation borrow $2,400,000 (b) that $65,000 shares of the urinsed preferred stock be issued through an underwriter, and (c) that a building, valued at 3,400,000 and the land on which it is located, valued at 5,000,000 be acquired in accordance with preliminary negotiations by the issuance of 80,000 shares of common stock. The plan was approved by the stockholders and accomplished by the following transactions Oct. 9. Borrowed $2,400,000 from St. Peter City Bank, olving a 4% mortgage note Oct. 17. sed 65,000 shares of preferred stock, receiving $30 per share in cash Oct. 28. fed 80,000 shares of common stock in exchange for land and a building, according to the plan Required: Journalize the entries to record the October transactions If an amount box does not require an entry leave It blank Oct 9 Cash Previous eBook Print item Oct. 17. Issued 65,000 shares of preferred stock, receiving $30 per share in cash. Oct. 28. Issued 80,000 shares of common stock in exchange for land and a building, according to the plan. Required: Journalize the entries to record the October transactions. If an amount box does not require an entry, leave it blank. Oct. 9 Cash 8 Mortgage Note Payable Oct. 17 Cash Preferred Stock Pald-In Capital in excess of Par-Preferred Stock Oct. 28 Building Land Common Stock Paid In Capital in Excess of Par Common Stock