Connors Corporation acquired manufacturing equipment 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 $$27,000.$ Credit terms were $\frac{2}{10},\frac{n}{30}.$ Payment was made within the discount period and the company records the purchases of equipment net of discounts.

Connors gave the seller a noninterest$-$bearing note. The note required payment of $$29,000$ 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.

Connors traded in old equipment that had a book value of $$7,000($original cost of $$16,000$ and accumulated depreciation of $$9,000)$ and paid cash of $$24,000.$ The old equipment had a fair value of $$3,300$ on the date of the exchange. The exchange has commercial substance.

Connors issued $1,000$ 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 $$26,000$ in cash.

Required:

For each of the above situations, prepare the journal entry required to record the acquisition of the equipment.

Note: Use tables, Excel, or a financial calculator. 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. $($FV of $$1,$ PV of $$1,$ FVA of $$1,$ PVA of $$1,$ FVAD of $$1$ and PVAD of $$1)$

Journal entry worksheet

$1$

$2$

$3$

$4$

Record the purchase of equipment on account.

Note: Enter debits before credits.

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