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Waterway Corporation operates a retail computer store. To improve delivery services to customers, the company purchases four new trucks on April 1 , 2 0
Waterway Corporation operates a retail computer store. To improve delivery services to customers, the company purchases four new trucks on April The terms of acquisition for each truck are described below. Truck # has a list price of $ and is acquired for a cash payment of $ Truck # has a list price of $ and is acquired for a down payment of $ cash and a zerointerestbearing note with a face amount of $ The note is due April Waterway would normally have to pay interest at a rate of for such a borrowing, and the dealership has a borrowing rate of Truck # has a list price of $ It is acquired in exchange for a computer system that Waterway carries in inventory. The computer system cost $ and is normally sold by Waterway for $ Waterway uses a perpetual inventory system. Truck # has a list price of $ It is acquired in exchange for shares of common stock in Waterway Corporation. The stock has a par value per share of $ and a market price of $ per share. Prepare the appropriate journal entries for the above transactions for Waterway Corporation. Round present value factors to decimal places, eg and final answers to decimal places, eg Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select No Entry" for the account titles and enter for the amounts. List all debit entries before credit entries. No Account Titles and Explanation Debit Credit
Waterway Corporation operates a retail computer store. To improve delivery services to customers, the company purchases four new trucks on April The terms of acquisition for each truck are described below.
Truck # has a list price of $ and is acquired for a cash payment of $
Truck # has a list price of $ and is acquired for a down payment of $ cash and a zerointerestbearing note with a face amount of $ The note is due April Waterway would normally have to pay interest at a rate of for such a borrowing, and the dealership has a borrowing rate of
Truck # has a list price of $ It is acquired in exchange for a computer system that Waterway carries in inventory. The computer system cost $ and is normally sold by Waterway for $ Waterway uses a perpetual inventory system.
Truck # has a list price of $ It is acquired in exchange for shares of common stock in Waterway Corporation. The stock has a par value per share of $ and a market price of $ per share.
Prepare the appropriate journal entries for the above transactions for Waterway Corporation. Round present value factors to decimal places, eg and final answers to decimal places, eg Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select No Entry" for the account titles and enter for the amounts. List all debit entries before credit entries.
No Account Titles and Explanation
Debit
Credit
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