Question 1 Amway, Inc has had a successful Q1 Y2020 due to the launch of new beauty products. As a result, Amway is authorized to issue 100,000 shares of $4 par value common stock. Prepare journal entries to record the following selected transactions: April 12. April 17. Sold 20,000 shares of common stock for $10 cash per share. Exchanged 20,000 shares of common stock for equipment with a market value of $275,000. Exchanged 1000 shares of common stock for $4,000 of legal services incurred During the Amways organization. May 1. Date Accounts Debit Credit