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 $10. Journalize the entries to record the following transactions affecting stockholders'equity, were completed during the first year of operations. Refer to the Chart of Accounts for exact wording of account titles. Enter the January 5 transaction as two separate journal entries. Jan. 2 Issued 116,000 shares of stock at par to Paul Glenn for cash. 5 Issued 3,100 shares of stock at par to Michele Kirby for promotional services provided in connection with the organization of the corporation, and issued 44,400 shares of stock at par to Michele Kirby for cash, 8 Purchased land and a building from Gretchen Northway in exchange for stock issued t par. The building is mortgaged for $189,300 for 20 years at 6%, and there is accrued interest of $4,700 on the mortgage note at the time of the purchase. It is agreed that the land is to be priced at $57,400 and the building at $223,500 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