As an auditor for the CPA firm of Hinkson and Calvert, you encounter the following situations in auditing different clients.

1.		LR Corporation is a closely held corporation whose stock is not publicly traded. On December 5, the corporation acquired land by issuing 3,500 shares of its $20 par value common stock. The owners asking price for the land was $126,000, and the fair value of the land was $119,000.
2.		Vera Corporation is a publicly held corporation whose common stock is traded on the securities markets. On June 1, it acquired land by issuing 19,500 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 journal entries for each of the situations above.