FeedbackAlpha Sounds Corp., an electric guitar retailer, was organized by Michele Kirby, Paul Glenn, and Gretchen Northway. The charter authorized $250,000$ 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.

a$.$ Issued $11,500$ shares of stock at par to Paul Glenn for cash.

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What is the company receiving in exchange for issuing the shares? At what price are the shares being sold?

b$.(1)$ Issued $850$ shares of stock at par to Michele Kirby for promotional services provided in connection with the organization of the corporation, and $(2)$ issued $24,000$ shares

of stock at par to Michele Kirby for cash.

$(1)$

$(2)$

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Recall that shares of stock may be issued for other purposes besides receiving cash. Why were the shares issued? agreed that the land is to be valued at $$248,000$ and the building at $$670,000,$ and that Gretchen Northway will be issued stock at par.Alpha Sounds Corp., an electric guitar retailer, was organized by Michele Kirby, Paul Glenn, and Gretchen Northway. The charter authorized $1,200,000$ shares of common stock with a par of $$1.$