As an auditor for the firm of Gratis and Goode, you encounter the following situations in auditing different clients. 1. Culver SpA is a closely held corporation whose stock are not publicly traded. On December 5 , the corporation acquired land by issuing 5,000 19 par value ordinary shares. The owners' asking price for the land was 120,000, and the fair value of the land was 116,000. 2. Pronghorn A/S is a publicly held corporation whose ordinary shares are traded on the securities markets. On June 1 , it acquired land by issuing 20,00011 par value ordinary shares. At the time of the exchange, the land was advertised for sale at