Concord 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. Truck \#1 has a list price of $40,350 and is acquired for a cash payment of $37,391. 2. Truck #2 has a list price of $43,040 and is acquired for a down payment of $5,380 cash and a zero-interest-bearing note with a face amount of $37,660. The note is due April 1, 2021. Concord 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%. 3. Truck #3 has a list price of $43,040. It is acquired in exchange for a computer system that Concord carries in inventory. The computer system cost $32,280 and is normally sold by Concord for $40,888. Concord uses a perpetual inventory system. 4. Truck \#4 has a list price of $37,660. It is acquired in exchange for 900 shares of common stock in Concord Corporation. The stock has a par value per share of $10 and a market price of $13 per share. No. Account Titles and Explanation 1. Trucks Cash 2. Trucks Discount on Notes Payable Cash Notes Payable 3. Trucks Cost of Goods Sold Inventory Sales Revenue 4. Trucks Common Stock Paid-in Capital in Excess of Par - Common Stock Debit Credit 37391 37391 \begin{tabular}{r} 40888 \\ \hline 32280 \\ \hline \end{tabular} 32280 40888 11700 9000 2700