Connors Corporation acquired manufacturing equipment for use in its assembly line. Below are four independent situations relating tothe 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) fromthe tables provided.)1. The equipment was purchased on account for $36,000. Credit terms were 2/10, n/30. Payment was made within the discountperiod 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 $38,000 one year from date of purchase. Thefair 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 $11,500 (original cost of $25,000 and accumulated depreciation of$13,500) and paid cash of $33,000. The old equipment had a fair value of $6,900 on the date of the exchange. The exchange hascommercial substance.4. Connors issued 2,000 shares of its no-par common stock in exchange for the equipment. The market value of the common stockwas not determinable. The equipment could have been purchased for $38,000 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 requiredfor a transaction/event, select "No journal entry required" in the first account field. Round your answers to the nearest wholedollar amount.)

Name: Connors Corporation acquired manufacturing equipment for use in its a
Uploaded: 2024-03-05T11:50:36.000Z
Channel: Bartleby
Description: Connors Corporation acquired manufacturing equipment for use in its assembly line. Below are four independent situations relating tothe acquisition of the equipment. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropri