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 $$45,000.$ 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 $$47,000$ 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 money in this situation.

Connors traded in old equipment that had a book value of $$16,000($original cost of $$34,000$ and accumulated depreciation of

$$18\mathrm{.}000)$ and paid cash of $$42,000.$ The old equipment had a fair value of $$10,500$ on the date of the exchange. The exchange

has commercial substance.

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 $$39,000$ 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 caleulator. If no entry is requlred for a transoction$/$event$,$ select $"$No journal entry required" in

the first account fleid. Round your answers to the nearest whole dollor. 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.

Journal entry worksheet

$1$

Record the acquisition of equipment in exchange for a note.

Note: Enter detils before credits.

Journal entry worksheet

$1,2,3$

Record the exchange $of$ old equipment for new equipment.

Note: Enter debiss before credis.

Journal entry worksheet

$1$

$2$

$3$

$4$

Record the acquisition of equipment by the issuance of stock.

Note: Enter debils before credits.