Rocky Mountain Sounds Corp., an electric guitar retailer, was organized by Cathy Dewitt, Melody Leimbach, and Mario Torres. The charter authorized 200,000 shares of common stock with a parof $20. The following transactions affecting stockholders' equity were completed during the first year of operations.

Journalize the entries to record the transactions.

a. Issued 11,000 shares of stock at par to Cathy Dewitt for cash.

b. (1) Issued 600 shares of stock at par to Mario Torres for promotional services provided in connection with the organization of the corporation, and (2) issued 18,000 shares of stock at par to Mario Torres for cash.

c. Purchased land and a building from Melody Leimbach. The building is mortgaged for $489,000 for 20 years at 7% and there is accrued interest of $7,000 on the mortgage note at the time of the purchase. It is agreed that the land is to be priced at $257,000 and the building at $730,000, and that Melody Leimbach's equity will be exchanged for stock at par. The corporation agreed to assume responsibility for paying the mortgage note and the accrued interest.

For a compound transaction, if an amount box does not require an entry, leave it blank.