Alpha Sounds Corp., an electric guitar retailer, was organized by Michele Kirby, Paul Glenn, and Gretchen Northway. The charter authorized $600,000$ 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.

If an amount box does not require an entry, leave it blank.

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a$.$ Issued $8,500$ shares of stock at par to Paul Glenn for cash.

blankAccountDebitCredit

blank

Cash

$0$

Common Stock

$0$

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b$.(1)$ Issued $500$ shares of stock at par to Michele Kirby for promotional services provided in connection with the organization of the corporation, and $(2)$ issued $22,000$ shares of stock at par to Michele Kirby for cash.

TransactionAccountDebitCredit

$(1)$

Organizational Expenses

$0$

Common Stock

$0$

$(2)$

Cash

$0$

Common Stock

$0$

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c$.$ Purchased land and a building from Gretchen Northway in exchange for stock issued at par. The land has a fair value of $$60,000,$ and the building has a fair value of $$130,000.$

blankAccountDebitCredit

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Land

$0$

Building

$0$

Common Stock

$0$