Part 4 as well.

1. Truck 41 has a lisl price of $34,950 and is acquired for a cash payment of $32,387 2. Truck #2 has a list price of$37,280 and is acquired for a down payment of $4,660 cash and a zero-interest-bearing note with a face amount of $32,620, ' he note is due April 1, 2018, Headland would normally have to pay interest at a rate of 10% for such a borrowing, and the dealership has an incremental borrowing rate of 8% Truck #3 has a list price of $37,280. It is acquired in exchange for a computer system that Headland carries in inventory. I he computer system cost S27,960 and is normally sold by Headland for S35,416. Headland uses a perpetual Inventory system 3, Truck?4 has a list price of $32,620. It is acquired in exchange for 1,030 shares ot common stock in Headland Corporation. The stock has a par value per share ot $10 and a market price of $13 share Prepare the appropriate?uur nel entries fol the above transactions for Headland Corpul alion. Round present value factors to 5 decimal places, e.g. 0.52587 and final answers to 0 decimal places, e.g. 5,275. 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 o for the amounts.) No. Account Titles and Explanation Debit Credit 1. Trucks 32387 Cash 32387 Trucks Discxunt on Notes Payable Cash 4660 Notcs Payablc 32620 3 Trucks 35416 Cost of Goods Sold 27960 Inventory 27960