Exercise 10-03 Kelly Clarkson 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 $15,000 and is acquired for a cash payment of $13,900 2. 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 2021. 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. 3. Truck has a list price of $10,000. It is acquired in exchange for a computer system that Clarkson carries in inventory. The computer system cost $12,000 and is normally so by Clarkson for $15,200. Clarkson uses a perpetual Inventory system, 4. 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. Prepare the appropriate journal entries for the above transactions for Clarkson Corporation. (Round present value factors to 5 decimal places, 0.52587 and Final answers to 2 decimal places, e.g. 52.75. Cred account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required select No Entry for the account titles and enter for the amounts.) No. Account Titles and Explanation Debit Credit