proctorio.com/secu ed: Final Exam Fall 2023 Connors Corporation acquired manufacturing equipment for me acquisition of the equipment. (FV of $1. PV of $1. EVA of SJ. me tables provided.) assembly line. Be $1. EVAD of $1 a The equipment was purchased on account for $42,000. Credit terms were 2/10, n/3 and the company records the purchases of equipment net of discounts. Connors gave the seller a noninterest-bearing note. The note required payment of fair value of the equipment is not determinable. An interest rate of 10% properly re Connors traded in old equipment that had a book value of $14,500 (original cost o $16,500) and paid cash of $39,000. The old equipment had a fair value of $9,300 commercial substance. Connors issued 2,000 shares of its nopar common stock in exchange for the equ was not determinable. The equipment could have been purchased for $44,000 i quired: each of the above situations, prepare the journal entry required to record the a a transaction/event, select "No journal entry required" in the first account fie ar amount.)