(LO1) Acquisition Costs of Trucks Kelly Clarkson 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 List price $ 15,000 Cash acquisition cost 13,900 2 Truck #2 List price $ 16,000 Acquisition cost Cash down payment 2,000 Face amount of zero-interest bearing note assumed 14,000 Note due date April 1, 2021 Normal interest rate for this borrowing 10% incremental borrowing rate 8%6 3.Truck List price $ 16,000 Acquired in exchange for a computer system that Clarkson carries In Inventory Cost of computer system in inventory 12,000 Normal selling price of computer system by Clarkson 15,200) Inventory system used by Clarkson Perpetual 4. Truck #4 List price $ 14,000 Acquired in exchange for common stock in Clarkson Corporation Par value of common stock per share 1,000 shares $ 10.00 Market value of common stock per share $ 13.00 Instructions: Prepare the appropriate journal entries for the above transactions for Clarkson Corporation 1 2 Hint Use the Excel Present Value formula 3 14. Debit Credit