Exercise 10-3 Novak 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. 1. Truck #1 has a list price of $22,350 and is acquired for a cash payment of $20,711. 2. Truck #2 has a list price of $23,840 and is ac ed for a down payment of $2.980 cash and a zero interest bearing note with a face amount of $20,060 ne note s due April 1 2018. Novak would normally have to pay interest at a rate of 10% for such a borrowing, and the dealership has an inaemer tal borrowing rate of 3. Truck #3 has a list price of $23,840. It is acquired in exchange for a computer system that Novak carries in inventory. The computer system cost $17,880 and is normally sold by Novak for $22,648. Novak uses a perpetual inventory system 4 Truck4 has a list price of $20,860. It is acquired in exchange for 990 shares of common stock in Novak 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 Novak Corporation.(Rond present value factors to 5 decimal places,.o. 052587 and final answers to 0 deci nal places, e g 5,275 Crndit account titles are automatically ind uted when amount is entered. Do not inder t mamo", ir no entry s requir e select Entry" for the account titles and enter 0 for the amounts) 2