elected stock transactions Instructions Chart of Accounts Journal II Instructions 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. The following transactions affecting stockholders equity were completed during the first year of operatione: a. Issued 116,000 shares of stock at par to Paul Glenn for cash. b. 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. a. Purchased land and a building from Gretchen Norway in exchange for stock issued at 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 nihility for paying the mortgage note and the accrued interest. Instructions Journal Journalize the entries to record the transactions on December 31. Refer to the Chart of Accounts for exact wording of account titles. JOURNAL ACCOUNTING EQUATIC LIABILITIES POST. REE DESCRIPTION CREDIT ASSETS DEBIT DATE 1 2 3 4 5 6 & 9 10 11