Selected stock transactions Alpha Sounds Corp., an electric guitar retailer, was organized by Michele Kirby, 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: Journalize the entries to record the transactions. If an amount box does not require an entry, leave it blank. a. Issued 100,000 shares of stock at par to Paul Glenn for cash. 100,000 Cash Common Stock 100,000 b. (1) Issued 3,000 shares of stock at par to Michele Kirby for promotional services provided in connection with the organization of the corporation, (2) and issued 45,000 shares of stock at par to Michele Kirby for cash. (1) Organizational Expenses 3,000 Common Stock 3,000 45,000 (2) Cash Common Stock 45000 c. Purchased land and a buliding from Gretchen Northway in exchange for stock issued at par. The land has a fair value of $60,000, and the building has a fair value of $120,000. 89 Check My Work 5 mnd Check My Work unremaininn Previous Neyt