Exercise 10-11 Jane Geddes Engineering Corporation purchased conveyor equpment with a st price of $10,000. Presented below are three independent cases related to the equipment (a) Geddes paid cash for the equipment 3 days after the purchase. The vendor's credit terms are 2/10, 1/30. Assume that equipment purchases are all recorded gross (b) Geddes traded in equipment with a book value of $2,000 ( al cost $8,000) and paid $9,500 in cash month after the purchase. The old equipment could have been sold for $400 The exchange has commercial substance) (c) Geddes gave the vendor a $10,800 zero interest-bearing note for the equipment on the date of purchase. The note was due in one year and was paid on time. Assume that the de rest in the Prepare the general journal entries required to record the acquisition and payment in each of the independent cases above (Round present value factor calculations to final answers to decimal places 5,275. Cred countries are a tomatically indented when it is entered. Do not indent m e the account tits and enter for the amounts the g places 1.25124 ERP No. Account Titles and Explanation (To record the purchase of equipment on account) (to record the payment on account 2000-2020 chn We Sons. In Sons, Inc. All rights red. A Dision of low