Connors Corporation acquired manufacturing equipment for use in its assembly line. Below are four independent situations relating to the acquisition of the equipment. (FV of $1. PV of $1. EVA of $1. PVA of $1. EVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) 1. The equipment was purchased on account for $40,000. Credit terms were 2/10, n/30. Payment was made within the 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 $42,000 one year from date of purchase. The fair value of the equipment is not determinable. An interest rate of 12% properly reflects the time value of money in this situation. 3. Connors traded in old equipment that had a book value of $13,500 (original cost of $29,000 and accumulated depreciation of $15,500) and paid cash of $37,000. The old equipment had a fair value of $8,500 on the date of the exchange. The exchange has commercial substance. 4. Connors issued 2,500 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 $40,000 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 < 1 2 3 4 Record the purchase of equipment on account. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit 7 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 1 2 3 4 Record the purchase of equipment on account. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit Record entry Clear entry View general journal > 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 < 1 2 3 4 Record the acquisition of equipment in exchange for a note. Note: Enter debits before credits. Transaction 2 General Journal Debit Credit View general journal Record entry Clear entry > 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 < 1 2 3 4 Record the exchange of old equipment for new equipment. Note: Enter debits before credits. Transaction 3 General Journal Debit Credit 7 Record entry Clear entry View general journal 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 > 1 2 3 4 Record the acquisition of equipment by the issuance of stock. Note: Enter debits before credits. Transaction 4 General Journal Debit Credit View general journal Record entry Clear entry