Following are the transactions and adjustments that occurred during the first year of operations at Kissick Company. a. Issued 220,000 shares of $7-par-value common stock for $1,540,000 in cash. b. Borrowed $500,000 from Oglesby National Bank and signed a 12% note due in three years. c. Incurred and paid $380,000 in salaries for the year. d. Purchased $690,000 of merchandise inventory on account during the year. e. Sold inventory costing $630,000 for a total of $960,000, all on credit. f. Paid rent of $330,000 on the sales facilities during the first 11 months of the year. 9. Purchased $170,000 of store equipment, paying $54,000 in cash and agreeing to pay the difference within 90 days. h. Paid the entire $116,000 owed for store equipment and $610,000 of the amount due to suppliers for credit purchases previous! recorded. i. Incurred and paid utilities expense of $45,000 during the year. j. Collected $845,000 in cash from customers during the year for credit sales previously recorded. k. At year-end, accrued $60,000 of interest on the note due to Oglesby National Bank. 1. At year-end, accrued $30,000 of past-due December rent on the sales facilities. Required: a. Recofd each transaction in the appropriate columns. Indicate the financial statement effect. b. Prepare the journal entry for the above transactions. Journal entry worksheet 4567813 Issued 220,000 shares of $7-par-value common stock for $1,540,000 in cash. Note: Enter debits before credits