Paul Glenn, and Gretchen Northway. The charter authorized $1,000,000$ shares of common stock with a par of $$1.$ The following transactions affecting stockholders' equity were completed during the first year of operations:

a$.$ Issued $100,000$ shares of stock at par to Paul Glenn for cash.

b$.$ Issued $3,000$ shares of stock at par to Michele Kirby for promotional services provided in connection with the organization of the corporation, and issued $45,000$ shares of stock at par to Michele Kirby for cash.

c$.$ Purchased land and a building from Gretchen Northway in exchange for stock issued at par. The building is mortgaged for $$180,000$ for $20$ years at $6\%,$ and there is accrued interest of $$5,200$ on the mortgage note at the time of the purchase. The corporation agreed to assume responsibility for paying the mortgage note and accrued interest. It is agreed that the land is to be valued at $$60,000$ and the building at $$225,000$ and that Gretchen Northway will be issued stock at par.

Journalize the entries to record the transactions.