Sheridan Engineering Corporation purchased conveyor equipment with a list price of $$49,200.$ Three independent cases that are related to the equipment follow. Assume that the equipment purchases are recorded gross.

Sheridan paid cash for the equipment $25$ days after the purchase, along with $5\%$ GST $($recoverable$)$ and provincial sales tax of $$3,444,$ both based on the purchase price. The vendor's credit terms were $\frac{3}{10},\frac{n}{30}.$

Sheridan traded in equipment with a book value of $$2,200($initial cost $$39,000)$ and paid $$39,600$ in cash one month after the purchase. The old equipment could have been sold for $$8,100$ at the date of trade but was accepted for a trade$-$in allowance of $$9,600$ on the new equipment.

Sheridan gave the vendor a $$10,200$ cash down payment and a $11\%$ note payable with blended principal and interest payments of $$19,500$ each, due at the end of each of the next two years.

Click here to view Table A$.4-$ PRESENT VALUE OF AN ORDINARY ANNUITY OF $1$

Prepare the general journal entries to record the acquisition and the subsequent payment, including any notes payable, in each of the three independent cases above. For item $3,$ use a table, 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. List all debit entries before credit entries. Round factor values to $5$ decimal places, e$.$g$.1\mathrm{.}25124$ and final answers to $0$ decimal places, e$.$g$.5,275.)$