Problem 1. Kelly Clarkson Corporation operates a retail computer store. To improve delivery services to customers, the company purchases four new trucks on April 1, 2014. The terms of acquisition for each truck are described below. 1. Truck #1 has a list price of $15,000 and is acquired for a cash payment of $13,900 2. Truck #2 has a list price of $16,000 and is acquired for a down payment of $2,000 cash and a zero-interest bearing note with a face amount of $14,000 The note is due April 1, 2015, Clarkson would normally have to pay interest at a rate of 10% for such a borrowing, and the dealership has an incremental borrowing rate of 8% 3. Truck #3 has a list price of $16,000 It is acquired in exchange for a computer system that Clarkson carries in inventory. The computer system costs $12,000 and normally sold by Clarkson for $15,200 Clarkson uses perpetual inventory system. 4. Truck #4 has a list price of $14,000 It is acquired in exchange for 1,000 shares of common stock in Clarkson Corporation. The stock has a par value per share of $10 and a market value of $13 per share. Instructions: Prepare the appropriate journal entries for the above transactions for Clarkson Corporation. Amount Account Title Account Title Amount NI Amount Amount Account Title Account Title Account Title Account Title Hint: Use the Excel Present Value formula. Cells are formatted to show to 2 decimal places. Amount Amount Account Title Account Title Account Title Amount Amount Amount Account Title Amount Amount Account title Account title Account title Amount Amount Note: Due to significant digits with worksheets, calculators, and tables, minor differences may occur