new trucks on April 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% 3. Truck # 3 List price $ 16,000 Acquired in exchange for a computer system that Nerds "R" Us carries in inventory Cost of computer system in inventory Normal selling price of computer system by Nerds "R" Us Inventory system used by Nerds "R" Us 4. Truck #4 List price Acquired in exchange for common stock in Nerds "R" Us Corporation Par value of common stock per share Market value of common stock per share 12,000 15,200 Perpetual $ 14,000 1,000 shares $ 10.00 $ 13.00 nstructions: Prepare the appropriate journal entries for the above transactions for Nerds "R" Us Corporation. 1 EQUIPMENT - TRUCK CASH RECORD PURCHASE OF THE TRUCK 2 Use the Excel Present Value formula. Debit Credit 13,900 13,900