Novak 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. 2. Truck #1 has a list price of $38,550 and is acquired for a cash payment of $35,723. Truck #2 has a list price of $41,120 and is acquired for a down payment of $5,140 cash and a zero-interest-bearing note with a face amount of $35,980. The note is due April 1, 2021. Novak 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%. Truck #3 has a list price of $41,120. It is acquired in exchange for a computer system that Novak carries in Inventory. The computer system cost $30,840 and is normally sold by Novak for $39,064. Novak uses a perpetual inventory system Truck #4 has a list price of $35,980. It is acquired in exchange for 910 shares of common stock in Novak Corporation. The stock has a par value per share of $10 and a market price of $13 per share. 3. 4 Prepare the appropriate journal entries for the above transactions for Novak Corporation (Round present value factors to 5 decimal places, eg. 0.52587 and final answers to 2 decimal places, eg. 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 for the amounts.) Debit Credit No. Account Titles and Explanation 35,723 Tours 35,723 Cash 35,723 2. Trucks 3845.81 Discount on Notes Payable Cash Notes Payable 3 Trucks Cost of Goods Sold Inventory DUNIANI Sales Revenue 4. Trucks Common Stock Paid-in Capital in Excess of Par. Common Stock