Classical offered $25 cash rebates on a new model of jigsaw. Customers must mail in a proof of purchase seal from the package plus the cash register receipt to receive the rebate. Experience suggests that 60% of the rebates will be claimed. Ten thousand of the jigsaws were sold in 2015. The rebates to customers in 2015 were $105,000 and were recorded as promotional expense when paid. Mannix Corporation acquired manufacturing equipment for use in its assembly for use in its assembly line. Below are four independent situations relating to the acquisition of the equipment. The equipment was purchased on account for $37, 500. Credit terms were 3/10, n/30, payment was made within the discount period and the company records the purchases of equipment net discounts. Mannix gave the seller a noninterest bearing note. The note required payment of $27,000 one year from date of purchase. The fair value of the equipment is not determinable. An interest rate of 8 percent properly reflects the time value of money in this situation. Mannix traded in old equipment that had a book value of $9,000 (Original cost $21,000) and accumulated depreciation of $3, 750 on the date of the exchange. The exchange has commercial substance. Required For each of the situations prepare the journal entry to record the acquisition of the equipment. Round computations to the nearest dollar