E10-3 (LO1) EXCEL (Acquisition Costs of Trucks) Kelly Clarkson Corporation operates a retail computer store. To improve delivery services to customers, the company purchases four new trucks on April 1, 2017. The terms of acquisition for each truck are described below. Truck #1 has a list price of $15,000 and is acquired for a cash payment of $13,900 Truck #2 has a list price of $16,000 and is acquired for a down payment of $2,000 cash and a zero-interest-bearing note with a face amount of $14,000. The note is due April 1, 2018. Clarkson would normally have to pay interest at a rate of 10% for such a borrowing, and the dealership has an incremental borrowing rate of 8%. Truck #3 has a list price of $16,000. It is acquired in exchange for a computer system that Clarkson carries in inventory. The computer system cost $12,000 and is normally sold by Clarkson for $15,2oo. Clarkson uses a perpetual inventory system. Truck #4 has a list price of $14,000. It is acquired in exchange for 1,000 shares of common stock in Clarkson Corporation. "The stock has a par value per share of $10 and a market price of $13 per share 1. 2. 3. 4. Instructions Prepare the appropriate journal entries for the above transactions for Clarkson Corporation