As an auditor for the CPA firm of Hinkson and Calvert, you encounter the following situations in auditing different clients. 1. Wildhorse Co. is a closely held corporation whose stock is not publicly traded on December 5, the corporation acquired land by issuing 5,000 shares of its $20 par value common stock. The owners' asking price for the land was $135,000, and the fair value of the land was $115,000. Pharoah Company is a publicly held corporation whose common stock is traded on the securities markets. On June 1, it acquired land by issuing 21,000 shares of its $9 par value stock. At the time of the exchange, the land was advertised for sale at $272,000. The stock was selling at $10 per share. 2. Prepare the journal entries for each of the situations above. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit No. Dates 1 2