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eBookPrint Item Question Content Area Stock Transactions for Corporate Expansion On December 1 of the...

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Accounting

eBookPrint Item Question Content Area 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 4% Stock, $50 par (400,000 shares authorized, 110,000 shares issued) $5,500,000 Paid-In Capital in Excess of ParPreferred 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 ParCommon 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 modernizing and expanding plant operations at a cost of approximately $14,850,000. The plan provided (a) that a building, valued at $2,800

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