Your answer is partially correct Skysong Engineering Corporation purchased conveyor equipment with a list price of $9,600. Presented below are three independent cases related to the equipment a. Skysong paid cash for the equipment Bdays after the purchase. The vendor's credit terms are 2/10,m/30 Assume that equipment purchases are initially recorded gross. b. Skysong traded in equipment with a book value of $2,000 limitial cost $B,700 ), and paid $B,500 in cash one month after the purchase. The old equipment could have beensold for $500 at the date of trade. iThe exchange has commercial substance.] C Slysong gave the vendor a $11,300 zero-interest-bearing note for the equipment on the date of purchase. The note was due in one year and was paid on time. Assume that the effective-interest rate in the market was g%. Prepare the general journal entries required to record the acquisition and payment in each of the independent cases above. fRound present value factor calculatons to 5 decimal places, e 9.125124 and final answers to 0 decimad places, eg. 5275 . credlt account tites are automaticalJy Jndented when amount Is entered. Do not Jndent mandalJy If no entry Is requIred, select "Wo Entry" for the account tites and enter ofor the amounts. Lst ald debst entries before credit entries. b. Aacumulated Deprectlation - Equlprrent 2,000 Loss on Dtposas lof Equlprient Equlprrent Equlprrent accounts Payabk To record the purchase of equipment on account] accounts Payable Cssh [To record the payment on account] c. Equlprrent Dkoounton Notes Payabk Notes Pavabe To record the purchase of equipment with a note.] Interest Expense Notes Paysbke Dkoounton Notes Payable Csh iTo record the payment of the note.] ETextbook and Media List of Axconts Save for Later Attempt: 2 of 3 wed Submit