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

1. Grouper is a closely held corporation whose stock is not publicly traded. On December 5, the corporation acquired land by issuing 4,800 shares of its $20 par value common stock. The owners asking price for the land was $115,200, and the fair value of the land was $105,600.

2. Monty Corporation is a publicly held corporation whose common stock is traded on the securities markets. On June 1, it acquired land by issuing 19,200 shares of its $10 par value stock. At the time of the exchange, the land was advertised for sale at $240,000. 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.)