As an auditor for the CPA firm of Agler and Carl, you encounter the following situations in…

As an auditor for the CPA firm of Agler and Carl, you encounter the following situations in auditing different clients.

1. Desi Corporation is a closely held corporation whose stock is not publicly traded. On December 5, the corporation acquired land by issuing 5,000 shares of its $20 par value common stock. The owners’ asking price for the land was $120,000, and the fair market value of the land was $110,000.

2. Lucille Corporation 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</pstyle="color:>

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