Q#1: As an auditor for the CPA firm of Hinkson and Calvert, you encounter the following situations in auditing different clients.

1. Ayayai 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 $19 par value common stock. The owners asking price for the land was $133,500, and the fair value of the land was $119,000.

2. Whispering Winds Corporation is a publicly held corporation whose common stock is traded on the securities markets. On June 1, it acquired land by issuing 19,000 shares of its $11 par value stock. At the time of the exchange, the land was advertised for sale at $273,000. The stock was selling at $12 per share

Q#2: On January 1, 2020, the stockholders equity section of Bramble Corporation shows common stock ($6 par value) $1,800,000; paid-in capital in excess of par $1,050,000; and retained earnings $1,230,000. During the year, the following treasury stock transactions occurred.

Part A:

Mar.	1		Purchased 51,000 shares for cash at $15 per share.
July	1		Sold 12,000 treasury shares for cash at $17 per share.
Sept.	1		Sold 10,000 treasury shares for cash at $14 per share.

Part B:

Restate the entry for September 1, assuming the treasury shares were sold at $12 per share.