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Sunland Engineering Corporation purchased conveyor equipment with a list price of $10,300. Presented below are three independent cases related to the equipment. a) S (h
Sunland Engineering Corporation purchased conveyor equipment with a list price of $10,300. Presented below are three independent cases related to the equipment. a) S (h 5un and traded in equipment with a b ok value of $1 900 initial cost $7,200), and paid $9,3D in cash one month after the purchase. The c d equipment could have been sold for 30 at the date trade. The exchange has com eroa substance. (c) Sunland gave the vendor a $11,400 zero-interest-bearing note for the equlpment on the date of purchase. The note was due in one year and was pald on time. Assume that the effective-interest rate In the market was 8%, Prepare the general jcurnal entries required to record the acquisition and payment in each of the independent cases above. (Round present value factor calculations to 5 decinal places, e.g.1.25124 and final ansiwers to 0 decimal places, e.g. 5,275. Credit and paid cash for the equipment 8 days after the purchase. The vendor's credit terms are 2/10, n30. ssume that equipment purchases are initially recarded grass. een sold for $300 at the date of trade. (The exchange has commercial substance.) account titles are automatically indented when amount is entered. Do not indent maly. if no entry is required, select "No Entry" for the account tities and enter 0 for the amounts.)
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