Asset recognition and valuation. In each of the following transactions, give the title(s) and amount(s) of the asset(s) that would appear on the balance sheet.

a. A firm purchases an automobile with a list price of \(\$ 20,000\). The dealer allows a discount of \(\$ 1,600\) from the list price for payment in cash. Dealer preparation

charges on the automobile amount to an extra \(\$ 350\). The dealer collects a 6 percent sales tax on the price paid for the automobile and preparation charges. In addition, the dealer collects a \(\$ 125\) fee to be remitted to the state for this year's license plates and \(\$ 500\) for a one-year insurance policy provided by the dealer's insurance agency. The firm pays a body shop \(\$ 190\) for painting the firm's name on the automobile.

b. A firm acquires land that a certified real estate appraiser appraised at \(\$ 5\) million. The firm pays for the land by giving up shares in the Microsoft Corporation at a time when equivalent shares traded on the NASDAQ have a market value of \(\$ 5,200,000\).

c. A firm acquires land that a certified real estate appraiser appraised at \(\$ 5\) million. The firm pays for the land by giving up shares in Small Timers, Inc., whose shares are traded only on the Pacific Stock Exchange. The last transaction in shares of Small Timers, Inc., occurred four days before this asset swap. Using the prices of the most recent trades, the shares of stock of Small Timers, Inc., given in exchange for the land have a market value of \(\$ 5,200,000\).