please please do both..really need these solutions
Concord Corporation operates a retail computer store. To improve delivery services to customers, the company purchases four nev trucks on April 1,2025. The terms of acquisition for each truck are described below. 1. Truck \#1 has a list price of $22,350 and is acquired for a cash payment of $20,711. 2. Truck \#2 has a list price of $23,840 and is acquired for a down payment of $2,980 cash and a zero-interest-bearing note with a face amount of $20,860. The note is due April 1,2026 . Concord would normally have to pay interest at a rate of 10% for such a borrowing, and the dealership has a borrowing rate of 8%. 3. Truck \#3 has a list price of $23,840. It is acquired in exchange for a computer system that Concord carries in inventory. The computer system cost $17,880 and is normally sold by Concord for $22,648. Concord uses a perpetual inventory system. 4. Truck \#4 has a list price of $13,960. It is acquired in exchange for 990 shares of common stock in Concord Corporation. The stock has a par value per share of $10 and a market price of $13 per share. Prepare the appropriate journal entries for the above transactions for Concord Corporation. (Round present value factors to 5 decima places, e.g. 0.52587 and final answers to 2 decimal places, e.g. 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 0 for the amounts. List all debit entries before credit entries.) Question 8 of 20 0.3/0.65 No. Account Titles and Explanation Debit Credit 1. Trucks \begin{tabular}{||r|} \hline 22350 \\ \hline \end{tabular} Cash \begin{tabular}{||r||} \hline 22350 \\ \hline \end{tabular} 2. Trucks Discount on Notes Payable Cash Notes Payable 3. Trucks Cost of Goods Sold Inventory uestion 8 of 20 \langle angle 0.3/0.65 Cost of Goods Sold Inventory Sales Revenue 4. Trucks Common Stock Prepaid Insurance Novak Company purchases an oil tanker depot on January 1,2025 , at a cost of $654,900. Novak expects to operate the depot for 10 years, at which time it is legally required to dismantle the depot and remove the underground storage tanks. The company estimates the dismantle and removal will cost $69,000 at the end of the depot's useful life. (a) Your answer is correct. Prepare the journal entries to record the depot and asset retirement obligation for the depot on January 1, 2025. Based on an effective-interest rate of 6%, the present value of the asset retirement obligation on January 1,2025 , is $38,529. Use the Plant Assets account for the tanker depot. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Question 9 of 200.22/0.65 Account Titles and Explanation Debit Credit Plant Assets Cash 654900 (To record the depot) Plant Assets 38529 Asset Retirement Obligation Asset Retirement Obligation (To record the asset retirement obligation) Prepare any journal entries required for the depot and the asset retirement obligation at December 31, 2025. Novak uses straight-line depreciation; the estimated salvage value for the depot is zero. (Round answers to 0 decimal places, e.g. 5,275. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Question 9 of 20 0.22/0.65 (To record depreciation for the depot) (To record depreciation on asset retirement obligation) (To record interest on asset retirement obligation)
