As an auditor for the CPA firm of Bell and Heft, you encounter the following situations in auditing different clients 1. The Ruth Corporation is a closely held corporation whose stock is not publicly traded. On December 5 , the corporation acquired land by issuing 5,000 shares of its \(\$ 20\) par value common stock. The owners' asking price for the land was \(\$ 120,000\), and the fair market value of the land was \(\$ 110,000\).

2. The Hand Corporation is a publicly held corporation whose common stock is traded on the securities markets. On June 1, it acquired land by issuing 20,000 shares of its \(\$ 10\) par value stock. At the time of the exchange, the land was advertised for sale at \(\$ 250,000\), and the stock was selling at \(\$ 12\) per share.

\section*{Instructions}
Prepare the journal entries for each of the situations above.