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As an auditor for the CPA firm of Hinkson and Calvert, you encounter the following...

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Accounting

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As an auditor for the CPA firm of Hinkson and Calvert, you encounter the following situations in auditing different clients. 1. Culumber Company is a clasely held corporation whosestock is not publicly traded On December 5 , the corporation acquired land by issuing 3,000 shares of its $20 par value commonstock. The owmers' asking price for the land was $120,000, and the fair value of the land was $115,000 : 2. Blossom Compary is a publicly held corporation whose conmon stock is traded on the securities markets. On June 1, it acquired land by issuing 19,000 shares of its $10 par value stock. At the time of the exchange, the land was advertised for sale at $260,000. The stock was selling at $11 per share. Prepare the joumal entries for each of the situations above iCredit account tilles are automatically indented when amount is entered. Do not indent manually if no entry is required, select 'No Entry' for the accoumt titles and enter O for the omounts)

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