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eBook Print Item 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 in connection with the organization of the corporation, and shares of stock at par to Michele Kirby for cash. and (2) issued 45,000 Purchased land and a building from Gretchen Northway in exchange for stock issued at par The building is mortgaged for S180 000 for 20 years e and there it accrued interest of $5,200 on the mortgage note at the time of the purchase. It is agreed that the land is to be priced at $60,000 and the building an $225.000 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 he ccrued Interest For a compound transaction, if an amount box does not require an entry, leave it blank Previous Next Check My Work

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