Journal entries for various transactions. Express the following independent transactions in journal entry form. If an entry is not required, indicate the reason. You may omit explanations for the journal entries.

(1) A firm purchases, for \(\$ 103,500\), bonds of the Summers Company with a face value of \(\$ 80,000\) and annual interest at the rate of 6 percent.

(2) A fire insurance company receives a check for \(\$ 6,390\) for premiums on policy coverage over the next two years.

(3) A corporation issues 12,000 shares of \(\$ 12\)-par value common stock in exchange for land, building, and equipment. The land appears at \(\$ 15,000\), the building at \(\$ 105,000\), and the equipment at \(\$ 60,000\) on the balance sheet.

(4) A manufacturing firm signs a contract agreeing to purchase 200 dozen machine tool parts over the next two years at a price of \(\$ 60\) per dozen.

(5) A firm issues 6,000 shares of \(\$ 1\)-par value preferred stock in the acquisition of a patent from another firm. The two entities agree on a price of \(\$ 7,500\) for the patent.

(6) A movie theater issues a coupon book, redeemable in future movie viewings, for \(\$ 650\) cash.

(7) A firm receives notice that a customer is suing it for \(\$ 250,000\) in damages suffered because of defective merchandise.

(8) A firm returns defective merchandise inventory it purchased on account for \(\$ 4,000\) to the supplier for full credit. The firm had not yet paid for these items.