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On December 1 of the current year, the following accounts and their balances appear in the ledger of Latte Corp.s a coffee 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 $16,800,000. The plan provided (a) that a building, valued at $2,600,000, and the land on which it is located, valued at $3,800,000, be acquired in accordance with preliminary negotiations by the issuance of 60,000 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 56,400,000. The plan wos approved by the stockholders and accomplished by the following transactions: May 11. Issued 60,000 shares of common stock in exchange for land and a bullding. according to the plan. May 20. Issued 50,000 shares of preferred stock, receiving 580 per share in sash, May 31. Borrowed 56,400,000 from Laurel National, giving a 6% mortgage note. Required: Journalize the entries to record the foregoing transactions. 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 60,000 shares of common stock in exchange for land and a building, according to the plan. M Feedback v Check My Work When stock is issued in exchange for assets other than cash, such as land, bulldings, and equipment, the assets acquired are reco fair market value. At what value do common and preferred stock accounts have to be recorded? May 20. Issued 50,000 shares of preferred stock, receiving $80 per share in cash. May 31. Borrowed $6,400,000 from Laurel National, giving. a 6% mortgage note. T Cheor My Won When stock, is issued in exchange for assets other than cash, such as land, buildings, and equipment, the assets acquired are recorded at their fair market value. At what value do common and preferred stock accounts have to be recorded? May 20. Issued 50,000 shares of preferred stock, receiving $80 per share in cash. May 31. Borrowed 56,400,000 from Laurel National, giving a 6% mortgage note. T Cheor My Won When stock, is issued in exchange for assets other than cash, such as land, buildings, and equipment, the assets acquired are recorded at their fair market value. At what value do common and preferred stock accounts have to be recorded? May 20. Issued 50,000 shares of preferred stock, receiving $80 per share in cash. May 31. Borrowed 56,400,000 from Laurel National, giving a 6% mortgage

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