Exercise 10-11 Your answer is partially correct. Try again. Swifty Engineering Corporation purchased conveyor equipment with a list price of $10,800. Presented below are three independent cases related to the equipment. (a) Swifty paid cash for the equipment 8 days after the purchase. The vendor's credit terms are 2/10, n/30. Assume that equipment purchases are initially recorded gross. (b) Swifty traded in equipment with a book value of $1,900 (initial cost $7,200), and paid $9,300 in cash one month after the purchase. The old equipment could have been sold for $300 at the date of trade. (The exchange has (c) Swifty gave the vendor a $11,400 zero-interest-bearing note for the equipment on the date of purcha5e. The note was due in one year and was paid on time. Assume that the effective-interest rate in the market was 8%. Prepare the general journal entries required to record the acquisition and payment in each of the independent cases above. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final ansvers to o commercial substance.) decimal places, e.g. 5,275. 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 No. Account Titles and Explanation Credit (a) Equipment Accounts Payable (To record the purchase of equipment on account.) To record the payment on account.) (b) Equipment (New) Loss on Disposal of Equipment Accumulated Depreciation-Equipment Accounts Payable Equipment (Old)