Splish 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 $29,550 and is acquired for a cash payment of $27,383.
2.		Truck #2 has a list price of $31,520 and is acquired for a down payment of $3,940 cash and a zero-interest-bearing note with a face amount of $27,580. The note is due April 1, 2021. Splish would normally have to pay interest at a rate of 9% for such a borrowing, and the dealership has an incremental borrowing rate of 8%.
3.		Truck #3 has a list price of $31,520. It is acquired in exchange for a computer system that Splish carries in inventory. The computer system cost $23,640 and is normally sold by Splish for $29,944. Splish uses a perpetual inventory system.
4.		Truck #4 has a list price of $27,580. It is acquired in exchange for 920 shares of common stock in Splish Corporation. The stock has a par value per share of $10 and a market price of $13 per share.

No. Account Titles and Explanation Debit Credit 1. Trucks Cash 2. Trucks Discount on Notes Payable Cash Notes Payable 3. Trucks Cost of Goods Sold Inventory Sales Revenue 4. Trucks Common Stock Paid-in Capital in Excess of Par - Common Stock