Grouper Corporation builds in-home theater systems. Groupers business is growing quickly. Therefore, the CEO, Paul Grouper, decides to purchase three new trucks on September 20, 2017. The terms of acquisition for each truck are described below.

1.The first trucks list price is $18,060. Grouper exchanges home theater equipment from its inventory for the truck. The home theater equipment cost Molitor $11,180. Grouper normally sells the equipment for $16,985. Grouper uses a perpetual inventory system.

2.The second truck has a list price of $18,920. Grouper makes a down payment of $4,300 cash on this truck and signs a zero-interest-bearing note with a face amount of $14,620. Payment of the note is due September 20, 2018. Grouper would normally have to pay interest at a rate of 8% for such a borrowing.

3.The list price of the third truck is $16,512. This truck is acquired in exchange for 1,032 shares of common stock in Grouper Corporation. The stock has a par value per share of $13 and a market price of $15 per share.

Prepare the appropriate journal entries for the above transactions for Grouper Corporation.