The text below the image on the left: 五谷丰登 (Wu gu fengdeng), Bumper grain harvest; on the red pennant: 组助互范模, or read right-to left 模范互助组 (Mofan huzhuzu) Model aid assistance group; on the sack of grain, left: 丰收 (Fengshou), Bumper harvest.
The text below the image on the right: 四季康乐 (Siji kangle), Healthy and happy four seasons; on the schoolbag: 保卫和平 (Baowei heping), Defend peace; the booklet the man is reading: 婚姻法 (Hunyinfa), Marriage Law.