PROBLEM 3.2 (10%) As an auditor, you encounter the following situations in auditing different clients. 1 PT X is a closely held corporation whose shares are not publicly trades. On December 5. the company acquired land by issuing 5,000 shares of its $20 par value ordinary shares. The owner's asking price for the land was $110.000 and the fair value of the land was $120,000. 2 PT Y is a publicly held corporation whose ordinary shares are traded on the securities markets. On June 1, it acquired land by issuing 21,200 shares of its $10 par value ordinary shares. At the time of the exchange, the land was advertised for sale at $250.000. The shares were selling at $11 per share. Instruction: Prepare the journal entries for each of the situations above. (10%)