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

Sunland Company 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 $$20$ par value common stock. The owners' asking price for the land was $$131,500,$ and the

fair value of the land was $$121,000.$

Blossom Company is a publicly held corporation whose common stock is traded on the securities markets. On June $1,$ it

acquired land by issuing $20,000$ shares of its $$10$ par value stock. At the time of the exchange, the land was advertised for sale

at $$269,000.$ The stock was selling at $$11$ per share.

Prepare the journal entries for each of the situations above. $($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 $0$ for the amounts.$)$

No$.$

Dates

Account Titles and Explanation

Debit

Credit

$[$

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

Sunland Company 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 $$20$ par value common stock. The owners' asking price for the land was $$131,500,$ and the

fair value of the land was $$121,000.$

Blossom Company is a publicly held corporation whose common stock is traded on the securities markets. On June $1,$ it

acquired land by issuing $20,000$ shares of its $$10$ par value stock. At the time of the exchange, the land was advertised for sale

at $$269,000.$ The stock was selling at $$11$ per share.

Prepare the journal entries for each of the situations above. $($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 $0$ for the amounts.$)$

No$.$

Dates

Account Titles and Explanation

Debit

Credit

$[$