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eBook Calculator Selected Stock Transactions Alpha Sounds Corp, an electric guitar retailer, was organized by Michele Kirby, Paul Glenn, and Gretchen Northway. The charter authorized 1,000,000 shares of common stock with a par of $1. The following transactions affecting stockholders' equity were completed during the first year of operations: Journalize the entries to record the transactions a. Issued 100,000 shares of stock at par to Paul Glenn for cash b. (1)Issued 3,000 shares of stock at par to Michele Kirby for promotional services provided corporation, and (2) issued 45,000 shares of stock at par to Michele Kirby for cash. in connection with the organization of the c. Purchased land and a building from Gretchen Northway in exchange for stock issued at par The building s mortgaged for S180.000 for 20 years at 6%, and there is accrued interest or $5,200 on the mortgage note at the time of land is to be priced at s6o,000 and the building at s225,000 and that Gretchen Northway's equity will be exchanged for stock at par The corporation agreed to assume responsibility for paying the mortgage note and the accrued interest the purchase. It is agreed that the For a compound transaction, if an amount box does not require an entry, leave it blank Previous Next 3 more Check MMy Work uses I Online teaching and eBook Issuing Stock Willow Creek Nursery, with an authorization of 75,000 shares of preferred stock and 200,000 shares of common stock, completed several transactions involving its stock on October 1, the first day of operations. The trial balance at the close of the day follows Cash Land Buildings Preferred 1% Stock, $80 par close of the day follows: 3,780,000 840,000 2,380,000 2,800,000 420,000 3,600,000 180,000 7,000,000 7,000,000 Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $30 par Paid-In Capital in Excess of Par-Common Stock within each class of stock were sold at the same price. The preferred stock was issued in exchange for the land and buldings Dournalize the entries to record the (1) common and (2) preferred stock transactions summarized in the trial balance. For a compound transaction, if an amount box does not require an entry, leave it blank For a compound transaction, if an amount box does not require an entry, leave it blank

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