Current Attempt in Progress

Concord Corporation operates a retail computer store. To improve delivery services to customers, the company purchases four new trucks on April $1,2025.$ The terms of acquisition for each truck are described below.

Truck#$1$ has a list price of $$22,350$ and is acquired for a cash payment of $$20,711.$

Truck #$2$ has a list price of $$23,840$ and is acquired for a down payment of $$2,980$ cash and a zero$-$interestbearing note with a face amount of $$20,860.$ The note is due April $1,2026.$ Concord would normally have to pay interest at a rate of $10\%$ for such a borrowing, and the dealership has a borrowing rate of $8\%.$

Truck #$3$ has a list price of $$23,840.$ It is acquired in exchange for a computer system that Concord carries in inventory. The computer system cost $$17,880$ and is normally sold by Concord for $$22,648.$ Concord uses a perpetual inventory system.

Truck #$4$ has a list price of $$13,960.$ It is acquired in exchange for $990$ shares of common stock in Concord Corporation. The stock has a par value per share of $$10$ and a market price of $$13$ per share.

Prepare the appropriate journal entries for the above transactions for Concord Corporation. $($Round present value factors to $5$ decimal places, e$.$g$.0\mathrm{.}52587$ and final answers to $2$ decimal places, e$.$g$.52\mathrm{.}75.$ 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 $0$ for the amounts. List all debit entries before credit entries.$)$

No$.$ Account Titles and Explanation

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