Question 8 [15 points) Stiller Co. runs a catering business. On April 1, 2015, the company purchased three new vans. Record the journal entries for each acquisition given the information below. Please make sure your final answer(s) are accurate to 2 decimal places Enter an appropriate description when entering the transactions in the joumal. Dates must be entered in the format dd/mmm (ie. January 15 would be 15/Jan). (a) Van #1 was purchased as part of a group of assets from a smaller company. Stiller Co. received all the assets for a cash payment of 590,000. Details are as follows (Record the purchase of all three assets) Seller's Book Value Asset Fair Value Van $20,000 $24,000 Equipment 43,000 48,000 Machinery 47,000 48.000 $110,000 $120,000 Serum (b) The list price of Van #2 was 516,000. It was purchased with a 10% down payment and a three year non-interest bearing note for the difference. Stiller Co would normally pay 10% interest on similar loans, while the dealership's incremental borrowing rate is 9% Page 62 Date Account Explanation General Journal PR Debit Credit (c) Van #3 had a list price of $23,000 and was purchased with a cash payment of 522,000 General Journal Page 3 Date Account/Explanation PR Deba Credit