X Ch 11: Homework VIEWPOICE Current Attempt in Progress As an auditor for the CPA firm of Hinkson and Calvert, you encounter the following situations in auditing different clients. 1. Pharoah Company 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 $20 par value comjon stock. The owners' asking price for the land was $131,000, and the fair value of the land was $123.500 2. Cullumber Company 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 $270,000. The stock was selling at $11 per share. Prepare the journal entries for each of the situations above. (Record journal entries in the order presented in the problem. Credit account tresored not Indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts omatically indented when amount is entered. Do No. Dates Account Titles and Explanation Debit Credit Dec. 5 Cash Common Stock Paid-in Capital in Excess of Par-Common Stock