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On March 1, Marigold Inc sells 1,400 common shares to its employees at $26 per share and lends the money to the employees to buy

On March 1, Marigold Inc sells 1,400 common shares to its employees at $26 per share and lends the money to the employees to buy the new shares in exchange for a note receivable The employees pay 45 of the price on the transaction date and pay the balance in one year.

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Prepare the Company's necessary Journal Entry on March 1. ( Credit account titles are automatically indented when the amount is entered. Do not indent Manually)

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