As an auditer for cpa firm of Hickson and Calvert you encounter the following  situations  in auditing  different  clients  1. Skysong,inc is closely held corporation  whos stock is not publicly traded on december 5, the corporation  acquired  land by issuing $3000 share of its $20 per a value common stock .the owner asking price for land was $121500 and the fair value  of the land was $116500 2.oriole company  is a publicly held corporation  whose common stock is traded on the securities  markets. On june 1, its acquired  land by issuing  19000 shares of its $10 per a valua stock .at the time of the exchange  the land was advertised  for sale at $260000. The stock was selling  at $11 per a share. Prepare  the journal entries  for  each of the situations  above

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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As an auditer for cpa firm of Hickson and Calvert you encounter the following  situations  in auditing  different  clients  1. Skysong,inc is closely held corporation  whos stock is not publicly traded on december 5, the corporation  acquired  land by issuing $3000 share of its $20 per a value common stock .the owner asking price for land was $121500 and the fair value  of the land was $116500 2.oriole company  is a publicly held corporation  whose common stock is traded on the securities  markets. On june 1, its acquired  land by issuing  19000 shares of its $10 per a valua stock .at the time of the exchange  the land was advertised  for sale at $260000. The stock was selling  at $11 per a share. Prepare  the journal entries  for  each of the situations  above 

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