dients 1 2 auditor for the No. of Hinkson and Calvert, you encounter the following situations in auditing different Oriole Company is a closely held corporation whose stock is not publicly traded. On December 5, the corporation acquired land by issuing 4,500 shares of its $20 par value common stock. The owners' asking price for the land was $134,000, and the fair value of the land was $118,000. Sunland Company is a publicly held corporation whose common stock is traded on the securities markets. On June 1, it acquired land by issuing 19,000 shares of its $10 par value stock. At the time of the exchange, the land was advertised for sale at $271,000. The stock was selling at $11 per share. Prepare the journal entries for each of the situations above. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter 0 for the amounts.) Dates Account Titles and Explanation Debit
dients 1 2 auditor for the No. of Hinkson and Calvert, you encounter the following situations in auditing different Oriole Company is a closely held corporation whose stock is not publicly traded. On December 5, the corporation acquired land by issuing 4,500 shares of its $20 par value common stock. The owners' asking price for the land was $134,000, and the fair value of the land was $118,000. Sunland Company is a publicly held corporation whose common stock is traded on the securities markets. On June 1, it acquired land by issuing 19,000 shares of its $10 par value stock. At the time of the exchange, the land was advertised for sale at $271,000. The stock was selling at $11 per share. Prepare the journal entries for each of the situations above. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter 0 for the amounts.) Dates Account Titles and Explanation Debit
Auditing: A Risk Based-Approach (MindTap Course List)
11th Edition
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Chapter11: Auditing Inventory, Goods And Services, And Accounts Payable: The Acquisition And Payment Cycle
Section: Chapter Questions
Problem 23RQSC
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