Cullumber Inc. operates a retail computer store. To improve its delivery services to customers, the company purchased four new trucks on April $1,2020.$ The terms of acquisition for each truck were as follows: $1.$ Truck #$1$ had a list price of $$27,800$ and was acquired for a cash payment of $$22,900.2.$ Truck #$2$ had a list price of $$27,000$ and was acquired for a down payment of $$2,100$ cash and a non$-$interest$-$bearing note with a face amount of $$24,900.$ The note is due April $1,2021.$ Cullumber would normally have to pay interest at a rate of $11\%$ for such a borrowing, and the dealership has an incremental borrowing rate of $8\%.3.$ Truck #$3$ had a list price of $$24,700.$ It was acquired in exchange for a computer system that Cullumber carries in inventory. The computer system cost $ $17,200$ and is normally sold by Cullumber for $$20,300.$ Cullumber uses a perpetual inventory system. $4.$ Truck #$4$ had a list price of $$27,800.$ It was acquired in exchange for $1,000$ common shares of Cullumber Inc. The common shares trade in an active market valued at $$25$ per share in the most recent trade. Click here to view the factor table PRESENT VALUE OF $1.$ Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF $1.($a$)$ Prepare the appropriate journal entries for Cullumber Inc. for the above transactions, assuming that Cullumber prepares financial statements in accordance with IFRS. For Truck #$2,$ calculate the purchase price using any of the three methods $($tables$,$ 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 O for the amounts. Round factor values to $5$ decimal places, eg$.1\mathrm{.}25124$ and final answers to $0$ decimal places, eg$.5,275.)$ No$.$ Account Titles and Explanation Debit Credit $1.($To record purchase of Truck #$1.)2.($To record purchase of Truck #$2.)3.($To record purchase of Truck #$3.)($To record the cost of sold goods.$)4.($To record purchase of Truck

O decimal places, eg$.5,275.)$

No$.$ Account Titles and Explanation Debit Credit