Apha Sounds Corp., an electric guitar retailes, 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 trensactions affecting stockholdera' 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. a. Issued 8,500 shares of stock at par to Paul Glenn for cash. b. (1) Issued 650 shares of stock at par to Michele ikirby for pronsotional services provided in connection with the organization of the corporation, and (2) issued 19 ,600 shares of stock at par to Michele Kirby for cash. c. Turchased land and a buiding from Gretchen Northway in exchange for stock issued at par. The building is mortgaged for 5375,000 for 20 vears at 2% and there in accroed interest of 30,500 on the mortgage note at the time of the purchese. The corporation agreed to assume responsbilty for paying the mortgege hete and aceneed interest, It is ngreed that the land is to be valued at 3257,000 and the buliding of $560,000, and that Gretchen Northway will be issued stock at gar