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Blossom Corporation operates a retail computer store. To improve delivery services to customers, the company purchases four new trucks on April 1,2025. The terms of
Blossom Corporation operates a retail computer store. To improve delivery services to customers, the company purchases four new trucks on April 1,2025. The terms of acquisition for each truck are described below. 1. Truck \#1 has a list price of $54,750 and is acquired for a cash payment of $50,735. 2. Truck \#2 has a list price of $58,400 and is acquired for a down payment of $7,300 cash and a zero-interest-bearing note with a face amount of $51,100. The note is due April 1, 2026. Blossom would normally have to pay interest at a rate of 98 for such a borrowing, and the dealership has a borrowing rate of 8%. 3. Truck \#3 has a list price of $58,400. It is acquired in exchange for a computer system that Blossom carries in inventory. The computer system cost $43,800 and is normally sold by Blossom for $55,480. Blossom uses a perpetual imventory system. 4. Truck t4 has a list price of $14,300. It is acquired in exchange for 1.020 shares of common stock in Blossom Corporation The stockhas 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 Blossom Corporation. (Round present value foctors to 5 decimal places es 0.52587 and finol answers to 2 decimal places, es. 52.75. Credit occount titles are automatically indented when amount is entered. Do not indent monually If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries)
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