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

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Accounting

As an auditor for the CPA firm of Hinkson and Calvert, you encounter the following situations in auditing different clients.1. GR Corporation is a closely held corporation whose stock is not publicly traded. On December 5, the corporation acquired land by issuing 4,000 shares of its $20 par value common stock. The owners' asking price for the land was $132,500, and the fair value of the land was $124,500.2. Oriole Corporation is a publicly held corporation whose common 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 $261,500. The stock was selling at $11 per share.

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