As An Auditor For The Cpa Firm Of Hinkson

Prepare journal entries for each situation. See (Mention the amount for multiple debits / credits?)

As an auditor for CPA and y Dodd, you will encounter the following situations when auditing multiple clients.

1. Indigenous Corporation is a private company whose shares are not traded publicly. On December 5, the company acquired land through the issuance of 5,000 shares of its capital stock valued at 20. The asking price of the land is $ 120,000 and the market value of the property is $ 115,000.

2. Lucille Corporation is a public company whose shares are traded on the stock exchange. On June 1, it acquired land with the issuance of 20,000 shares valued at 10. At the time of the exchange, the land was being sold for $ 250,000. Shares sold at $ 12 per share.

1. Debt $ 115,000 Common Stock Loan $ 100,000 Extra Repaid Capital Loan $ 15,000

2. 0 240,000 retail loan $ 200,000 additional paid-up capital of ,000 40,000 in common stock