Exercise 10-19 (Algo) Acquisition cost; multiple methods [LO10-1, 10-3, 10-4, 10-6]

Connors Corporation acquired manufacturing equipment for use in its assembly line. Below are four independent situations relating to the acquisition of the equipment. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)

1. The equipment was purchased on account for $42,000. Credit terms were 2/10, n/30. Payment was made within the discount period and the company records the purchases of equipment net of discounts.
2. Connors gave the seller a noninterest-bearing note. The note required payment of $44,000 one year from date of purchase. The fair value of the equipment is not determinable. An interest rate of 10% properly reflects the time value of money in this situation.
3. Connors traded in old equipment that had a book value of $14,500 (original cost of $31,000 and accumulated depreciation of $16,500) and paid cash of $39,000. The old equipment had a fair value of $9,300 on the date of the exchange. The exchange has commercial substance.
4. Connors issued 2,000 shares of its no-par common stock in exchange for the equipment. The market value of the common stock was not determinable. The equipment could have been purchased for $44,000 in cash.

Required: For each of the above situations, prepare the journal entry required to record the acquisition of the equipment. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to the nearest whole dollar amount.)