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Selected Stock Transactions Alpha Sounds Corp, an electric guitar retailec was organized by Michele Kirby, Paul Glenn, and Gretchen Northway. The charter authorized 350,000 shares of common steck with a per of s60. The following transactions affecting stockholders' equity were completed during the first year of operations. ournsize the entries to record the transactions a. 1ssued 10,000 shares of stock at par to Paul Gienn for cash b. (1) Issued 550 shares of stock at par to Michele Kirby for promotional services provided in connection with the organization of the cerporation, and (2) issued 21,000 shares of stoci at par to Michele Kirby for cash . The bulding is mortgaged for 419,000 for 20 years at 7% and the, a accrved interest or 187,000 and the building at $625,000, and that Gretchen Northway's equty will be c. Purchased land and a building from Gretchen Northway in exchange for stock issued at par $5,000 on the mortgage note at the time of the purchase. It is agreed that the land is to be priced at s exchanged for stock at par. The corporation agreed to assume responsibility for paying the mortgage note and the If an amourt box does not require an entry, leave it bilank a. Issued 10,000 shares of stock at par to Paul Glenn for cash. b. (1) Issued 550 shares of stock at par to Michele Kirby for promotional services provided in connection with the organization of the corporation, and (2) issued 21,000 shares of stock at par to Michele Kirby for cash. e Purchased land and a building from Gretchen North ay in expange for stock issued at par. The bunding is mortgaged for S4 19,000 for 20 years at 7% and there is accrued interest or $5,000 on the mortgage note at the time of the purchase. It is agreed that the land is to be priced at $t exchanged for stock at par. The corporation agreed to assume responsibility for paying the mortgage note and the accrued interes 07,000 and the building at S625,000, and that Gretchen Northway's equity will be If an amount box does not require an entry, leave it blank