on.com/flow/connect.html Homework Seved Connors Corporation acquired manufacturing equipment for use in its assembly line. Below are four independent situations relating to the acquisition of the equipment. (Ey Of 51. PV L$1. EVA of $1. PVA of $1. EVAD of$i and PVAD of S1) (Use appropriate factor(s) from the tables provided.) 1. The equipment was purchased on account for $41,000. Credit terms were 4/10,n/30. Payment was made within the discount period and the company records the purchases of equipment net of discounts. 2. Connors gave the seller a noninterest-bearing note. The note required payment of $43,000 one year from date of purchase. The fair value of the equipment is not determinable. An interest rate of 10% properly reflects the time value of money in this situation 3. Connors traded in old equipment that had a book value of $14.000 (original cost of $30,000 and accumulated depreciation of $16,000) and paid cash of $38,000. The old equipment had a fair value of $8.900 on the date of the exchange. The exchange has commercial substance. 4. Connors issued 1,600 shares of its no-par common stock in exchange for the equipment. The market value of the common stock was not determinable. The equipment could have been purchased for $40,000 in cash. Required: For each of the above situations, prepare the journal entry required to record the acquisition of the equipment. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to the nearest whole dollar amount.) View transaction list Journal entry worksheet