JenStar acquired manufacturing equipment for use in its assembly line. Below are four independent situations relating to the acquisition of the equipment. For each situation, prepare the journal entry required to record the acquisition of the equipment, record the entries on December 31. Please make sure your final answer(s) are accurate to 2 decimal places. Enter an appropriate description, and enter the date in the format dd/mmm (i.e., 15/Jan). a) The equipment was purchased on account for $23,000. Credit terms were 2/10, n/30. Payment was made within the discount period and the company records the purchases of equipment net of discounts. b) JenStar gave the seller a noninterest-bearing note. The note required payment of $21,000 three years from date

b) JenStar gave the seller a noninterest-bearing note. The note required payment of $21,000 three years from date of purchase. The fair value of the equipment is not determinable. An interest rate of 5% properly reflects the time value of money in this situation.

c) JenStar traded in old equipment that had a carrying value of $7,000 (original cost of $14,000 and accumulated depreciation of $7,000) and paid cash of $21,000. The old equipment had a fair value of $1,000 on the date of the exchange.

d) JenStar issued 4,000 common shares in exchange for the equipment. The market value of the common shares was not determinable. The equipment could have been purchased for $23,000 in cash