On January 1, 2015, Artic Company acquires an 80% interest in Calco Company for $400,000. On the acquisition date, Calco Company has the following stockholders' equity:

Common stock ($10 par)................................. $200,000

Paid-in capital in excess of par.......................... 100,000

Retained earnings.............................................. 150,000

Total stockholders' equity............................... $450,000

Assets and liabilities have fair values equal to book values. Goodwill totals $50,000.

Calco Company has net income of $60,000 for 2015. No dividends are paid or declared during 2015.

On January 1, 2016, Calco Company sells 10,000 shares of common stock at $60 per share in a public offering.

Assuming the parent uses the simple equity method; prepare all parent company entries required for the issuance of the shares.

Assume the following alternative situations:

1. Artic Company purchases 8,000 shares.

2. Artic Company purchases 9,000 shares.

3. Artic Company purchases 5,000 shares.