1 of 10 Current Attempt in Progress Your answer is partially correct 0.95/1 Crane Corporation operates a retail computer store. To improve delivery services to customers, the company purchases four new trucks on April 1, 2020. The terms of acquisition for each truck are described below. 1. 2 3 4 Truck #1 has a list price of $20,550 and is acquired for a cash payment of $19.043. Truck #2 has a list price of $21.920 and is acquired for a down payment of $2.740 cash and a zero-interest-bearing note with a face amount of $19,180. The note is due April 1, 2021. Crane 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% Truck #3 has a list price of $21,920. It is acquired in exchange for a computer system that Crane carries in inventory The computer system cost $16.440 and is normally sold by Crane for $20.824 Crane uses a perpetual aventory system Truck 4 has a list price of $19,180. It is acquired in exchange for 1.090 shares of common stock in Crane Corporation. The stock has a par value per share of $10 and a market price of $13 per share Prepare the appropriate journal entries for the above transactions for Crane Corporation (Round present value factors to 5 decimo places, eg. 0.52587 and final answers to 2 decimal places, eg. 52.75. Credit account titles are automatically Indented when amount is entered Do not indent manually. If no entry is required, select "No Entry for the account tities and enter O for the amounts) No. Account Titles and Explanation Debit Credit for 1,090 shares of common stock in Crane Corporation. The stock has a par value per share of $10 and a market price of $13 per share Prepare the appropriate journal entries for the above transactions for Crane Corporation. (Round present value factors to 5 decimal places, eg. 0.52587 and final answers to 2 decimal places, eg. 52.75. Credit account titles are automatically Indented when amount is entered Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) No. Account Titles and Explanation 1. Trucks Cash 2. Trucks Debit 19043 20176 Discount on Notes Payable 1744 53 Notes Payable 20824 3. Trucks Cost of Goods S 16440 entory Credit 19043 2740 19100 16440 Cash 2. Tricks 20176 Discount on Notes Payable 1744 Cash Notes Payable 3. Trucks 20824 Cost of Goods Sold 16440 Inventory Sales Revenue Trucks Common Stack Paid-in Capital in Excess of Par Common Stock eTextbook and Media 14170 19043 2740 19580 16440 20024 10900 3270