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On December 1 of the current year, the following acoounts and their balances appear in the ledger of Latte Corp., a cottee processor: At the annual steckholders' meeting on March 31, the board of directors presented a plan for moderizing and expanding plant eperations at a cost of approximately $11,000, coo. The plan provided (a) that a building, valued at $3,301,000, and the land on which it is located, valued at $692,000, be accuired in accordance wish preiminary negotlations by the issuance of 121,000 shares of common stock, (b) that 41,000 shares of the unissued preferred stock be issued through an underwiter, and (c) that the corporation borrow $3,750,000. The plan was aporoved by the stockholders and accomplished by the followina transactions: CHART OF ACCOUNTS Latte Corp. General Ledger ASSETS 110 Cash At ple of wa 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Inventory REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Goods Sold Joumalize the entries to record the May transactions. All transoctions on this page must be entered (except for post ref(s)) before you will receive Check My Work feedback. On December 1 of the current year, the following acoounts and their balances appear in the ledger of Latte Corp., a cottee processor: At the annual steckholders' meeting on March 31, the board of directors presented a plan for moderizing and expanding plant eperations at a cost of approximately $11,000, coo. The plan provided (a) that a building, valued at $3,301,000, and the land on which it is located, valued at $692,000, be accuired in accordance wish preiminary negotlations by the issuance of 121,000 shares of common stock, (b) that 41,000 shares of the unissued preferred stock be issued through an underwiter, and (c) that the corporation borrow $3,750,000. The plan was aporoved by the stockholders and accomplished by the followina transactions: CHART OF ACCOUNTS Latte Corp. General Ledger ASSETS 110 Cash At ple of wa 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Inventory REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Goods Sold Joumalize the entries to record the May transactions. All transoctions on this page must be entered (except for post ref(s)) before you will receive Check My Work feedback

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