Current Attempt in Progress

Metlock 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.

$1.$ Truck $\backslash$#$1$ has a list price of $\backslash (\backslash$$ $31,350\backslash )$ and is acquired for a cash payment of $\backslash (\backslash$$ $29,051\backslash ).$

$2.$ Truck $\backslash$#$2$ has a list price of $\backslash (\backslash$$ $33,440\backslash )$ and is acquired for a down payment of $\backslash (\backslash$$ $4,180\backslash )$ cash and a zero$-$interest$-$bearing note with a face amount of $\backslash (\backslash$$ $29,260\backslash ).$ The note is due April $1,2026.$ Metlock would normally have to pay interest at a rate of $\backslash (9\backslash \%\backslash )$ for such a borrowing, and the dealership has a borrowing rate of $\backslash (8\backslash \%\backslash ).$

$3.$ Truck $\backslash$#$3$ has a list price of $\backslash (\backslash$$ $33,440\backslash ).$ It is acquired in exchange for a computer system that Metlock carries in inventory. The computer system cost $\backslash (\backslash$$ $25,080\backslash )$ and is normally sold by Metlock for $\backslash (\backslash$$ $31,768\backslash ).$ Metlock uses a perpetual inventory system.

$4.$ Truck $\backslash$#$4$ has a list price of $\backslash (\backslash$$ $14,460\backslash ).$ It is acquired in exchange for $1,030$ shares of common stock in Metlock Corporation. The stock has a par value per share of $\backslash (\backslash$$ $10\backslash )$ and a market price of $\backslash (\backslash$$ $13\backslash )$ per share.

Prepare the appropriate journal entries for the above transactions for Metlock 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.$)$