Ivanhoe Corporation operates a retail computer store. To improve delivery services to customers, the company purchases four new trucks on April 1, 2020. The terms of acquisition for each truck are described below.

Truck #2 has a list price of $39,200 and is acquired for a down payment of $4,900 cash and a zero-interest-bearing note with a face amount of $34,300. The note is due April 1, 2021. Ivanhoe would normally have to pay interest at a rate of 9% for such a borrowing, and the dealership has an incremental borrowing rate of 8%.

Prepare the appropriate journal entries for the above transactions for Ivanhoe Corporation.