1 As an auditor for the CPA firm of Hinkson and Calvert, you encounter the following situations in auditing different clients. Cheyenne Corp, is a closely held corporation whose stock is not publicly traded on December 5, the corporation acquired land by issuing 3,000 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 $117.000 2 Sheridan Company is a publicy held corporation whose common stock is traded on the securities markets on June 1, it acquired tand by issuing 20.500 shares of its $10 par value stock. At the time of the exchange the land was advertised for sale at $273,500 The stock was calling at $11 per share. Prepare the journal entries for each of the stations above. (Credit account titles are automatically indented when amount is entered. Do not indent manually. I no entry is required, select "No Entry for the account titles and enter for the amounts) No. Credit Dates Account Titles and explanation Debit 1