Check my work Connors Corporation acquired manufacturing equipment for use in Its assembly line. Below are Tour independent situations relating to the acquisition of the equipment. (FV of $1, PV of $1, EVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) 19 1. The equipment was purchased on account for $37,000. Credit terms were 3/10, n/30. Payment was made within the points discount period and the company records the purchases of equipment net of discounts. 2. Connors gave the seller a noninterest-bearing note. The note required payment of $39,000 one year from date of purchase. The fair value of the equipment is not determinable. An interest rate of 10% properly reflects the time value of eBook money in this situation. 3. Connors traded in old equipment that had a book value of $12,000 (original cost of $26,000 and accumulated depreciation of $14,000) and paid cash of $34,000. The old equipment had a fair value of $7,300 on the date of the exchange. The exchange has commercial substance. 4. Connors issued 1,500 shares of its no-par common stock in exchange for the equipment. The market value of the common stock was not determinable. The equipment could have been purchased for $36,000 in cash. Required: For each of the above situations, prepare the journal entry required to record the acquisition of the equipment. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to the nearest whole dollar amount.) View transaction list Journal entry worksheet 3 4 Mc Graw

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