As an auditor for the CPA firm of Hinkson and Calvert, you encounter the following...
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As an auditor for the CPA firm of Hinkson and Calvert, you encounter the following situations in auditing different clients GR Corporation is a closely held corporation whose stock is not publicly traded. On December the corporation acquired land by issuing shares of its $ par value common stock. The owners' asking price for the land was $ and the fair value of the land was $ Oriole Corporation is a publicly held corporation whose common stock is traded on the securities markets. On June it acquired land by issuing shares of its $ par value stock. At the time of the exchange, the land was advertised for sale at $ The stock was selling at $ per share.
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