As an auditor for the CPA firm of Hinkson and Calvert, you encounter the following situations in auditing different clients. Concord Corporation is a closely held corporation whose stock is not publicly traded. On December 5, the corporation acquired land by issuing 6,400 shares of its $20 par value common stock. The owners' asking price for the land was $153,600, and the fair value of the land was $140,800. 1. 2. Riverbed Corporation is a publicly held corporation whose common stock is traded on the securities markets. On June 1, it acquired land by issuing 25,600 shares of its $10 par value stock. At the time of the exchange, the land was advertised for sale at $320,000. The stock was selling at $11 per share. Prepare the journal entries for each of the situations above. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Dates Account Titles and Explanation Debit Credit
As an auditor for the CPA firm of Hinkson and Calvert, you encounter the following situations in auditing different clients. Concord Corporation is a closely held corporation whose stock is not publicly traded. On December 5, the corporation acquired land by issuing 6,400 shares of its $20 par value common stock. The owners' asking price for the land was $153,600, and the fair value of the land was $140,800. 1. 2. Riverbed Corporation is a publicly held corporation whose common stock is traded on the securities markets. On June 1, it acquired land by issuing 25,600 shares of its $10 par value stock. At the time of the exchange, the land was advertised for sale at $320,000. The stock was selling at $11 per share. Prepare the journal entries for each of the situations above. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Dates Account Titles and Explanation Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:As an auditor for the CPA firm of Hinkson and Calvert, you encounter the following situations in auditing different clients.
1.
2.
Concord Corporation is a closely held corporation whose stock is not publicly traded. On December 5, the corporation
acquired land by issuing 6,400 shares of its $20 par value common stock. The owners' asking price for the land was $153,600,
and the fair value of the land was $140,800.
Riverbed Corporation is a publicly held corporation whose common stock is traded on the securities markets. On June 1, it
acquired land by issuing 25,600 shares of its $10 par value stock. At the time of the exchange, the land was advertised for sale
at $320,000. The stock was selling at $11 per share.
Prepare the journal entries for each of the situations above. (List all debit entries before credit entries. Record journal entries in the order
presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Dates
20
Account Titles and Explanation
Debit
Credit
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