Prepare journal entries to record each of the following events On 1/1/2020 Alpha Company sells 1,000 shares of common stock for $100,000. The 1. stock does not have a par or stated value. Debit Credit Left Right Cash 100,000 Common stock 100,000 2. On 1/1/2020 Alpha Company pays $12,000 to rent office space for one year. 3. Between 1/1/2020 and 3/31/2020 Alpha Company used up $3,000 of the $12,000 it had paid in advance for rent 4. On 1/1/2020 Alpha Company buys PP&E for $20,000 promising to pay the seller $22,000 in 2 years. For this problem assume the entire liability is recorded as Long-term debt. 5. Between 1/1/2020 and 3/31/2020 Alpha Company sells products for $25,000 in cash Record this entry using thee temporary account Sales. 6. Between 1/1/2020 and 3/31/2020 Alpha Company sells products for $25,000, receiving a promise from its customers that they will pay what they owe on 4/1/2020. Record this entry using the temporary account Sales 7. Between 1/1/2020 and 3/31/2020 Alpha Company purchases inventory for resale for $5,000 in cash. 8. Between 1/1/2020 and 3/31/2020 Alpha Company purchases inventory for resale for $5,000, promising to pay what they owe on 4/1/2020. 9. Between 1/1/2020 and 3/31/2020 Alpha Company sells $8,000 of the $10,000 in inventory it purchased. Record this entry using the temporary account Cost of Goods Sold to reflect the expense. 10. Between 1/1/2020 and 3/31/2020 Alpha Company pays electricity bills of $1,000. 11. On 3/31/2020 Alpha Company owes its electricity provider $200. Use the liability account Accrued liabilities in the journal entry. 12. Between 1/1/2020 and 3/31/2020 Alpha Company pays wages of $1,000. 13. On 3/31/2020 Alpha Company owes its employees $200. Use the liability account Wages payable in the journal entry. 14. Between 1/1/2020 and 3/31/2020 Alpha Company incurred interest expense related to the money it borrowed to buy PP&E of wages bills of $240. Record the liability represented by interest by increasing Long-term debt 15. On 3/31/2020 Alpha Company declares dividends payable to its shareholders on 4/30/2020 of $1,000. Record this entry using the liability account Dividends payable and the temporary equity account Dividends. Note: Dividends are not an expense; dividends do, however, reduce the permanent account RE