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elected Stock Transactions lpha Sounds Corp., an electric guitar retailer, was organized by Michele Krby, Paul Glenn, and Gretchen Northway. The charter authorized 450.000 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 10,000 shares of stock at par to Paul Glenn for cash Cash Common Stock What is the company recering in exchange for issuing the shares? At what price are the share being sold b. (1) Issued 500 shares of stock at par to Michele Karty for promotional services provided in connection with the organization of the corporation, and issued 21,000 shares of stock at par to Michele Kirby for cash. (1) Organizational Expenses Common Stock DI II Common Stock 00 that has tak may be for the purpose benders receiving a www the who Prev Als Surat Assen for at DELL Barce O End Award Summary engagenow.com/im/Assignment/takeAsignmentMain dolinvoker atakussignmentSession in Book Common Stock Recall that shares of stock may be issued for other purposes besides receiving cash. Why were the shares issued Purchased land and a building from Gretchen Northway in exchange for stock issued at par. The building is mortgaged for $486,000 for 20 years at 7% and there is accrued interest of $8,000 on the mortgage note at the time of the purchase. The corporation agreed to assume responsibility for paying the mortgage note and accrued interest. It is agreed that the land is to be valued at $287.000 and the building at $725,000, and that Gretchen Northway will be issued stock at pat Land Building Interest Payable Mortgage Note Payable Common Stock LIIII Wom Remember you are looking at this information from the company's perspective. What is the company atqueing? What is the company taking on with respect to these assez Pancora Previous Next Chat Work A saved Sun Assento Grading DELL