Alpha Sounds Corp., an electric guitar retailer, was organized by Michele Kirby, Paul Glenn, and Gretchen Northway. The charter authorized 1,500,000 shares of common stock with a par of $1. The following transactions affecting stockholders' equity were completed during the first year of operations: Jan. 2 Issued 84,000 shares of stock at par to Paul Glenn for cash. Issued 3,500 shares of stock at par to Michele Kirby for promotional services provided in connection 5 with the organization of the corporation and issued 44,300 shares of stock at par to Michele Kirby for cash. (record as two separate transactions.) 8 Purchased land and a building from Gretchen Northway in exchange for stock issued at par. The building is mortgaged for $178,400 for 20 years at 6%, and there is accrued interest $5,200 on the mortgage note at the time of the purchase. It is agreed that the land is to be priced at $58,100 and the building at $226,700 and that Gretchen Northway's equity will be exchanged for stock at par. The corporation agreed assume responsibility for paying the mortgage note and the accrued interest. Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles