Business, 09.12.2019 23:31 devenaire

Kelly clarkson corporation operates a retail computer store. to improve delivery services to customers, the company purchases four new trucks on april 1, 2014. the terms of acquisition for each truck are described below.1. truck #1 has a list price of $15,000 and is acquired for a cash payment of $13,900.2. truck #2 has a list price of $16,000 and is acquired for a down payment of $2,000 cash and a zero-interest-bearing note with a face amount of $14,000. the note is due april 1, 2015. clarkson would normally have to pay interest at a rate of 10% for such a borrowing, and the dealership has an incremental borrowing rate of 8%.3. truck #3 has a list price of $16,000. it is acquired in exchange for a computer system that clarkson carries in inventory. the computer system cost $12,000 and is normally sold by clarkson for $15,200.clarkson uses a perpetual inventory system.4. truck #4 has a list price of $14,000. it is acquired in exchange for 1,000 shares of common stock in clarkson corporation. the stock has a par value per share of $10 and a market price of $13 per share. instructions : prepare the appropriate journal entries for the above transactions for clarkson corporation.

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