Journal entries for various transactions. Present journal entries for each of the following transactions of Schneider Corporation. You may omit dates and explanations for the journal entries.

(1) Issues 50,000 shares of $10-par value common stock at par value for cash.

(2) Acquires land and building costing $225,000 with the payment of $50,000 cash and the assumption of a 20-year, 8 percent mortgage for the balance. The land appears at $40,000 and the building at $185,000 on the balance sheet.

(3) Purchases a used crane for $13,200 cash.

(4) Acquires raw materials costing $8,600 on account.

(5) Returns defective raw materials purchased in (4) and costing $900 to the supplier.

The account has not yet been paid.

(6) Pays the supplier in (4) and (5) the amount due, less a 2 percent discount for prompt payment. The firm treats cash discounts as a reduction in the acquisition cost of raw materials.

(7) Obtains a fire insurance policy providing $500,000 coverage beginning next month. It pays the one-year premium of $4,950.

(8) Issues a check for $8,000 to acquire a patent from another firm.

(9) Issues a check for $1,800 for three months" rent in advance for office space.

(10) Purchases a patent on a machine process for $90,000 cash.

(11) Purchases office equipment for $2,700, making a down payment of $250 and agreeing to pay the balance in 30 days.

(12) Pays $825 to Express Trucking Company for delivering the equipment purchased in (3).