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 a delivery truck with a list price of $10,000. The dealer allows a discount of $650 from list price for payment in cash. Dealer preparation charges on the truck amount to an extra $150. The dealer collects a 5-percent sales tax on the price paid for the truck and preparation charges. In addition, the dealer collects a $65 fee to be remitted to the state for this year’s license plates and $400 for a 1-year insurance policy provided by the dealer’s insurance agency. The firm pays a body shop $50 for painting the firm’s name on the truck.

b A firm acquires a building that has been appraised at $1 million by a certified real estate appraiser. The firm pays for the building by giving up shares in the General Electric Company at a time when equivalent shares traded on the New York Stock Exchange for

$1,050,000.

c A firm acquires a building that has been appraised at $1 million by a certified real estate appraiser. The firm pays for the building by giving up shares in Small Timers, Inc., whose shares are traded only on the Cincinnati Stock Exchange. The last transaction in shares of Small Timers, Inc., occurred 4 days prior to this asset swap. Using the prices of the most recent trades, the shares of stock of Small Timers, Inc., given in exchange for the building have a market value of $1,050,000.