On February 28 of the current year, the following accounts and their balances appear in the ledger of Wild Things Corp., a meat processor:

At the annual stockholders' meeting on April 2, the board of directors presented a plan for modernizing and expanding plant operations at a cost of approximately $3,650,000. The plan provided(a) That a building, valued at $1,680,000, and the land on which it is located, valued at $420,000, be acquired in accordance with preliminary negotiations by the issuance of 65,000 shares of common stock,(b) That 21,000 shares of the unissued preferred stock be issued through an underwriter, and(c) That the corporation borrow $700,000. The plan was approved by the stockholders and accomplished by the following transactions:June 9.Issued 65,000 shares of common stock in exchange for land and a building, according to the plan13. Issued 21,000 shares of preferred stock, receiving $40 per share in cash.25. Borrowed $700,000 from Wasburn City Bank, giving an 8% mortgage note.No other transactions occurred during June.InstructionsJournalize the entries to record the foregoingtransactions.

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Preferred 2% Stock, $25 par (75,000 shares authorized, 30,000 shares issued).... Paid-In Capital in Excess of Par-Preferred Stock. Common Stock, $30 par (400,000 shares authorized, 250,000 shares issued)..... Paid-In Capital in Excess of Par-Common Stock Retained Earnings. $ 750,000 .... 7,500,000 500,000 12,180,000 ....