The following transactions affecting stockholders' equity. were completed during the first year of operations: 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. (record as two separate transactions.) 8 Purchased land and a building from Gretchen Northway in exchange for stock issued at par. The building is mortgaged for $186,100 for 20 years at 6%, 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 $63,500 and the building at $220,000 and that Gretchen Northway's equity will be exchanged for stock at par. The corporation agreed to assume responsibility for paying the mortgage note and the accrued interest. CHART OF ACCOUNTS AIpha Sound a Corp