Shamrock Corporation operates a retail computer store. To improve delivery services to customers, the company purchases four new trucks on April 1, 2020. The terms of acquisition for each truck are described below.

1.Truck #1 has a list price of $52,950and is acquired for a cash payment of $49,067.

2.Truck #2 has a list price of $56,480and is acquired for a down payment of $7,060cash and a zero-interest-bearing note with a face amount of $49,420. The note is due April 1, 2021. Shamrock would normally have to pay interest at a rate of9% for such a borrowing, and the dealership has an incremental borrowing rate of8%.

3.Truck #3 has a list price of $56,480. It is acquired in exchange for a computer system that Shamrock carries in inventory. The computer system cost $42,360and is normally sold by Shamrock for $53,656. Shamrock uses a perpetual inventory system.

4.Truck #4 has a list price of $49,420. It is acquired in exchange for960shares of common stock in Shamrock Corporation. The stock has a par value per share of $10and a market price of $13per share.

Prepare the appropriate journal entries for the above transactions for Shamrock Corporation.