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Tamarisk 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. Truck #1 has a list price of $ 45,750 and is acquired for a cash payment of $ 42,395. Truck #2 has a list price of $ 48,800 and is acquired for a down payment of $ 6,100 cash and a zero-interest-bearing note with a face amount of $ 42,700. The note is due April 1, 2021. Tamarisk would normally have to pay interest at a rate of 9% for such a borrowing, and the dealership has an incremental borrowing rate of 8%. Truck #3 has a list price of $ 48,800. It is acquired in exchange for a computer system that Tamarisk carries in inventory. The computer system cost $ 36,600 and is normally sold by Tamarisk for $ 46,360. Tamarisk uses a perpetual inventory system. Truck #4 has a list price of $ 42,700. It is acquired in exchange for 900 shares of common stock in Tamarisk Corporation. The stock has a par value per share of $ 10 and a market price of $ 13 per share. 3. 4. Prepare the appropriate journal entries for the above transactions for Tamarisk 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 Debit Credit 1. Trucks 42395 Cash 42395 2. Trucks 45256 Discount on Notes Payable 3544 Cash 6100 Notes Payable 42700 Blue Corporation traded a used truck (cost $ 28,000, accumulated depreciation $ 25,200) for a small computer with a fair value of $ 4,620. Blue also paid $ 700 in the transaction. Prepare the journal entry to record the exchange, assuming the exchange lacks commercial substance. (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 for the amounts.) Account Titles and Explanation Debit Credit Trucks 4,620 Accumulated Depreciation-Trucks 25,200 Trucks 28,000 Cash 700