Selected stock transactions Instructions Chart of Accounts Journal HO Instructions Alpha Sounds Corp. an electric guitar retailer, was organized by Michele Kirby, Paul Glenn, and Gretchen Northway. The charter authorized 1,100,000 shares of common stock with a par of $1. Journalize the entries to record the following transactions affecting stockholders' equity, were completed during the first year of operations. Refer to the Chart of Accounts for exact wording of account titles. Enter the January 5 transaction as two separate Journal entries Jan 2 Issued 119,000 shares of stock at par to Paul Glenn for cash 5 Issued 3,500 shares of stock at par to Michele Kirby for promotional services provided in connection with the organization of the corporation, and issued 48,600 shares of stock at par to Michele Kirby for cash B Purchased land and a building from Gretchen Northway in exchange for stock issued at par. The building is mortgaged for $100,100 for 20 years at 0% and there is accrued interest of $5,100 on the mortgage note at the time of the purchase. It is agreed that the land is to be priced at $83,600 and the building at $220,000 and that Gratchen Northways equity will be exchanged for stock at par The corporation agreed to assume responsibility for paying the mortgage note and the accrued interest JOURNAL Score: 107/137 ACCOUNT DESCRIPTION POST. REE DEBIT CREDIT ASSETS DATE Jan. 2 Cash 119,000.00 2 119,000.00 3 Common Stock Jan 5 Organizational Expenses Common Stock 3,500.00 4 3,500.00 5 Cash 48,600.00 6 Jan 8 Land 63,500.00 T Building 220,000.00 8 Common Stock 283,500.00 9 Jan 8 186,100.00 Mortgage Note Payable Interest Payable 5.100.00 10 191,200.00 1 11 Cash