The following selected items and amounts were taken from the balance sheet of Quale Company as of December 31, 2000 Cash $\$ 93,000$

Property, plant, and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 850,000 Accumulated depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150,000 Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000 Preferred stock $(7 \%, \$ 100$ par, noncumulative, 10,000 shares authorized, 5,000 shares issued and outstanding)

500,000 Common stock ( $\$ 10$ par, 100,000 shares authorized, 80,000 shares issued and outstanding)

800,000 Paid-in capital in excess of par, preferred stock ..... 1,000 Paid-in capital in excess of par, common stock ..... 125,000 Paid-in capital, treasury stock. ..... 1,000 Retained earnings ..... 310,000 Required: For each of parts (1) to (5),

(a) prepare the necessary journal entry (or entries) to record each transaction, and

(b) calculate the amount that would appear on the December 31, 2000, balance sheet as a consequence of this transaction only for the account given. (Note: In your answer to each part of this problem, consider this to be the only transaction that took place during 2000.)

1. Two hundred shares of common stock are issued in exchange for cash of $\$ 4,000$

a. Entry

b. Paid-in capital in excess of par, common stock 2. Two hundred shares of preferred stock are issued at a price of $\$ 102$ per share.

a. Entry

b. Paid-in capital in excess of par, preferred stock 3. Five hundred shares of common stock are issued in exchange for a building. The common stock is not actively traded, but the building was recently appraised at $\$ 11,000$

a. Entry

b. Property, plant, and equipment