inment CALCULATOR PRINTER VERSION BACK NEXT Exercise 13-06 As an auditor for the CPA firm of Hinkson and Calvert, you encounter the following situations in auditing different clients. 1. Pina Colada Corporation is a closely held corporation whose stock is not publicly traded. On December 5, the corporation acquired land by issuing 4,000 shares of its $19 par value common stock. The owners' asking price for the land was $123,000, and the fair value of the land was $121,000. 2. Flint 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 $11 par value stock. At the time of the exchange, the land was advertised for sale at $267,500. The stock was selling at $12 per share. Prepare the journal entries for each of the situations above. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Dates Credit Click if you would like to Show Work for this question: Open Show Work