As an auditor for the CPA firm of Hinkson and Calvert, you encounter the following situations in auditing different clients. 1. Swifty 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. Blue Spruce 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. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Dates Account Titles and Explanation Debit Credit