Reference no: EM132540202
Question - Marin Corporation operates a retail computer store. To improve delivery services to customers, the company purchases four new trucks on April 1, 2017. The terms of acquisition for each truck are described below.
1. Truck #1 has a list price of $45,750 and is acquired for a cash payment of $42,395.
2. Truck #2 has a list price of $48,800 and is acquired for a down payment of $6,100 cash and a zero-interest-bearing note with a face amount of $42,700. The note is due April 1, 2018. Marin 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%.
3. Truck #3 has a list price of $48,800. It is acquired in exchange for a computer system that Marin carries in inventory. The computer system cost $36,600 and is normally sold by Marin for $46,360. Marin uses a perpetual inventory system.
4. Truck #4 has a list price of $42,700. It is acquired in exchange for 900 shares of common stock in Marin Corporation. The stock has a par value per share of $10 and a market price of $13 per share.
Required - Prepare the appropriate journal entries for the above transactions for Marin Corporation.
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