As an auditor for the CPA firm of Hinkson and Calvert, you encounter the following situations in auditing different clients. 1. Ayayai Corporation 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 $18 par value common stock. The owners' asking price for the land was $120,000, and the fair value of the land was $115,000. 2. Whispering Winds Corporation is a publicly held corporation whose common stock is traded on the securities markets. On June 1 , it acquired land by issuing 19,000 shares of its $8 par value stock. At the time of the exchange, the land was advertised for sale at $260,000. The stock was selling at $9 per share. Dates Account Titles and Explanation Debit Credit