Alpha Sounds Corp., an electnc quitar retailer, was organized by Michele Kirby, Paul Glenn, and Gretchen Northway, The charter authonzed 450,000 shares of comman itock with a par of \$1. The foliowing transactions affecting stockholders equity were completed during the first year of operations. Joumalize the entries to record the transactions. If an amount boo does not require an entry, leaye it blank. a. Issued 8,500 share of stock at par to Paul cienn for cash. Fowitigh t Check Me Wers What is the company receiving in exchange for issaing the shares? At what boce are the sharen being sold? b. (1) issued 650 shares of stock at par to Michele kirby for promotional services provided in connection with the organization of the corporobion, and (2) issued 21,000 shares of stock at par to Michele Kiby for cosh. c. Purchased land and a bulding from Gretchen Northway in exchange for stock issued at par. The land has a fair value of 570,000 , and the buiding has a fair value of $100,000