The financial statements for Leroy Inc. and Manser Corp., just prior to their combination, for the year ending December 31, 20X4, follow. Mansers buildings were undervalued on its financial records by $80,000.

	Leroy Inc.	Manser Corp.
Revenues	$1,450,000	$480,000
Expenses	(1,250,000)	(260,000)
Net income	$200,000	$220,000
Retained earnings, January 1, 20X4	600,000	450,000
Net income (above)	200,000	220,000
Dividends paid	(100,000)	(120,000)
Retained earnings, December 31, 20X4	$700,000	$550,000
Cash	$150,000	$110,000
Receivables and inventory	260,000	280,000
Buildings (net)	680,000	330,000
Equipment (net)	730,000	490,000
Total assets	$1,820,000	$1,210,000
Liabilities	$220,000	$180,000
Common stock	790,000	400,000
Additional paid-in capital	110,000	80,000
Retained earnings, December 31, 20X4 (above)	700,000	550,000
Total liabilities and stockholders' equity	$1,820,000	$1,210,000

On December 31, 20X4, Leroy issued 52,000 new shares of its $13 par value stock in exchange for all the outstanding shares of Manser. Leroy's shares had a fair value on that date of $39 per share. Leroy paid $35,000 to an investment bank for assisting in the arrangements. Leroy also paid $20,000 in stock issuance costs to effect the acquisition of Manser. Manser will retain its incorporation.

Required:

(1) Prepare the journal entry to record the issuance of common stock by Leroy.

(2) Prepare the journal entry to record the payment of combination costs.

(3) Determine consolidated net income for the year ended December 31, 20X4.

(4) Determine consolidated additional paid-in capital at December 31, 20X4. (Points : 10)