Sandhill Inc. operates a retail computer store. To improve its delivery services to customers, the company purchased four new trucks on April 1, 2020. The terms of acquisition for each truck were as follows:

1.		Truck #1 had a list price of $28,700 and was acquired for a cash payment of $25,100.
2.		Truck #2 had a list price of $27,500 and was acquired for a down payment of $1,900 cash and a noninterest-bearing note with a face amount of $25,600. The note is due April 1, 2021. Sandhill 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%.
3.		Truck #3 had a list price of $25,000. It was acquired in exchange for a computer system that Sandhill carries in inventory. The computer system cost $17,500 and is normally sold by Sandhill for $20,600. Sandhill uses a perpetual inventory system.
4.		Truck #4 had a list price of $28,600. It was acquired in exchange for 1,000 common shares of Sandhill Inc. The common shares trade in an active market valued at $23 per share in the most recent trade.

Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1. (a) Prepare the appropriate journal entries for Sandhill Inc. for the above transactions, assuming that Sandhill prepares financial statements in accordance with IFRS. For Truck #2, calculate the purchase price using any of the three methods (tables, financial calculator, or Excel). (Credit account titles are automatically indented when the 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. Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places, e.g. 5,275.)

No.	Account Titles and Explanation	Debit	Credit
1.	enter an account title to record purchase of Truck #1	enter a debit amount	enter a credit amount
	enter an account title to record purchase of Truck #1	enter a debit amount	enter a credit amount
	(To record purchase of Truck #1.)
2.	enter an account title to record purchase of Truck #2	enter a debit amount	enter a credit amount
	enter an account title to record purchase of Truck #2	enter a debit amount	enter a credit amount
	enter an account title to record purchase of Truck #2	enter a debit amount	enter a credit amount
	(To record purchase of Truck #2.)
3.	enter an account title to record purchase of Truck #3	enter a debit amount	enter a credit amount
	enter an account title to record purchase of Truck #3	enter a debit amount	enter a credit amount
	(To record purchase of Truck #3.)
	enter an account title to record the cost of sold goods	enter a debit amount	enter a credit amount
	enter an account title to record the cost of sold goods	enter a debit amount	enter a credit amount
	(To record the cost of sold goods.)
4.	enter an account title to record purchase of Truck #4	enter a debit amount	enter a credit amount
	enter an account title to record purchase of Truck #4	enter a debit amount	enter a credit amount
	(To record purchase of Truck #4.)