Exercise 11-06 As an auditor for the CPA firm of Hinkson and Calvert, you encounter the following situations in auditing different clients 1. Sheffield Corp. is a closely held corporation whose stock is not publicly traded on December 5, the corporation acquired and by issuing 3,500 shares of its $20 par value common stock. The owners' sking price for the land was $129,000, and the fair value of the land was $121.000 2. Onole Company 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 512 par value stock. At the time of the Exchange, the land was advertised for sale at $266,000. The stock was selling at $13 per share Prepare the journal entries for each of the stations above. (Record journal entries in the order presented in the problemCredit accounties are automatically indented when amount is enfered. Do not indent manually. If not required "No Entry" for the account titles and enter for the amounts.) No Date Account Tities and Explanation Debit Credit 1. Doc s Land 121000 Common Stock 20000 Pidin Capital in Excess of State Valve Commor 51000 Commons Captain Sated Volvement