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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. Sarasota Corporation is a closely held corporation whose stock is not publicly traded. On December 5, the corporation acquired land by issuing 5,600 shares of its $20 par value common stock. The owners' asking price for the land was $134.400, and the fair value of the land was $123,200. 2. Bridgeport Corporation is a publicly held corporation whose common stock is traded on the securities markets. On June 1, it acquired land by issuing 22,400 shares of its $10 par value stock. At the time of the exchange, the land was advertised for sale at $280,000. The stock was selling at $11 per share. Prepare the journal entries for each of the situations above. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Dates Account Titles and Explanation Debit Credit On January 1, 2022, the stockholders' equity section of Novak Corporation shows common stock ($6 par value) $1,800,000; paid-in capital in excess of par $1,100,000; and retained earnings $1,170,000. During the year, the following treasury stock transactions occurred. Mar. 1 Purchased 52,000 shares for cash at $15 per share. July 1 Sold 12,000 treasury shares for cash at $17 per share. Sold 10,000 treasury shares for cash at $14 per share. Sept. 1 Journalize the treasury stock transactions. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Restate the entry for September 1, assuming the treasury shares were sold at $12 per share. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit