Following are three separate cases.

Case $1.$ Equipment with a list price of $$48,000$ is purchased on account; terms are $2/10,$ n$/30.$ Payment is made within the discount period.

Case $2.$ Equipment with a list price of $$32,000$ is purchased on account; terms are $2/10,$ n$/30.$ Payment is made after the discount period. Any purchase discounts lost are recorded as interest expense.

Case $3.$ Equipment listed at $$14,400($less a $2\%$ discount for cash purchases$)$ is purchased for cash. To take advantage of this discount, the company simultaneously borrowed $$12,800$ from a bank by issuing a $60-$day, $15\%$ note, which is paid in full with interest at its maturity date.

For Case $1$ and Case $2,$ prepare journal entries for $($a$)$ equipment acquisition, and $($b$)$ cash payment.

For Case $3,$ record the entry for $($a$)$ the purchase of equipment for cash and for $($b$)$ the payment of the note at maturity.

Note: Do not record the entry for issuance of the note.