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As an auditor for the CPA firm of Hinkson and Calvert, you encounter the following situations in auditing different clients. 1. Novak Corp. is a closely held corporation whose stock is not publidy traded. On December 5 , the corporation acquired land by issuling 3,000 shares of its $20 par value coinmon stock. The owners' asking price for the lard was $130,000 and the fair value of the land was 5115,500 2. Crane Company is a pubilicly 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 enchange, the land was advertised for sale at $271,500. The stock was selling at $11 per share. Prepare the journal entries for each of the situations above. (Credit occount titles are automatically indented when amount is entered bo not indent manually if no entry is required, seiect "No Entry" for the occount titles and enter Ofor the amounte) As an auditor for the CPA firm of Hinkson and Calvert, you encounter the following situations in auditing different clients. 1. Novak Corp. is a closely held corporation whose stock is not publidy traded. On December 5 , the corporation acquired land by issuling 3,000 shares of its $20 par value coinmon stock. The owners' asking price for the lard was $130,000 and the fair value of the land was 5115,500 2. Crane Company is a pubilicly 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 enchange, the land was advertised for sale at $271,500. The stock was selling at $11 per share. Prepare the journal entries for each of the situations above. (Credit occount titles are automatically indented when amount is entered bo not indent manually if no entry is required, seiect "No Entry" for the occount titles and enter Ofor the amounte)

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