Exercise 10-19 (Algo) Acquisition cost; multiple methods (LO10-1, 10-3, 10-4, 10-6] : Connors Corporation acquired manufacturing equipment for use in its assembly line. Below are four independent situations relating to the acquisition of the equipment. (FV of $1. PV of $1, FVA of $1. PVA of $1. FVAD of $1 and PVAD of $1 (Use appropriate factor(s) from the tables provided.) : 1. The equipment was purchased on account for $37.000. Credit terms were 3/10. n/30. Payment was made within the discount period and the company records the purchases of equipment net of discounts. 2 Connors gave the seller a noninterest-bearing note. The note required payment of $39.000 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. 3. Connors traded in old equipment that had a book value of $12.000 (original cost of $26.000 and accumulated depreciation of $14.000) and paid cash of $34,000. The old equipment had a fair value of $7,300 on the date of the exchange. The exchange has commercial substance. : 4. 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 $36.000 in cash. Required: For each of the above situations, prepare the journal entry required to record the acquisition of the equipment. (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 amount.) View transaction list Journal entry worksheet 2 3 4 Record the purchase of equipment on account. Note: Enter debits before credits. Transaction General Journal Debit Credit - Record entry Clear entry View general journal