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I already tried several times to solve and find the answers of two blanks on #2, but I really do not know what to do
I already tried several times to solve and find the answers of two blanks on #2, but I really do not know what to do anymore.
Please help.
Exercise 10-03 Your answer is partially correct. Try again. Skysong Corporation operates a retail computer store. To improve delivery services to customers, the company purchases four new trucks on April 1, 2020. The terms of acquisition for each truck are described below. 1. Truck #1 has a list price of $56,550 and is acquired for a cash payment of $52,403. 2. Truck #2 has a list price of $60,320 and is acquired for a down payment of $7,540 cash and a zero-interest-bearing note with a face amount of $52,780. The note is due April 1, 2021. Skysong would normally have to pay interest at a rate of 9% for such a borrowing, and the dealership has an incremental borrowing rate of 8%. 3. Truck #3 has a list price of $60,320. It is acquired in exchange for a computer system that Skysong carries in inventory. The computer system cost $45,240 and is normally sold by Skysong for $57,304. Skysong uses a perpetual inventory system. 4. Truck #4 has a list price of $52,780. It is acquired in exchange for 960 shares of common stock in Skysong 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 Skysong Corporation. (Round present value factors to 5 decimal places, e.g. 0.52587 and final answers to 2 decimal places, e.g. 52.75. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) No. Account Titles and Explanation Debit Credit 1. Trucks T Cash 52403 2. Trucks Discount on Notes Payable T 1 Cash 7540 T Notes Payable 52780 3. Trucks oinnin onninn 2 TCost of Goods Sold T Inventory 45240 T Sales Revenue 57304 4. Trucks | Common Stock 9600 T Paid-in Capital in Exces 2880Step by Step Solution
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