THE ANSWERS HIGHLIGHTED IN YELLOW ARE INCORRECT THAT IS ALL I NEED FIXED. WILL UPVOTE...
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THE ANSWERS HIGHLIGHTED IN YELLOW ARE INCORRECT THAT IS ALL I NEED FIXED. WILL UPVOTE FOR CORRECT ANSWER
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.) 2. Connors gave the seller a noninterest-bearing note. The note required payment of $37,000 one year from date of purchase. The fair value of the equipment is not determinable. An interest rate of 12% properly reflects the time value of money in this situation. 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.) 1 2 3 4 Record the acquisition of equipment in exchange for a note. Note: Enter debits before credits. Transaction General Journal Debit Credit 2 Equipment-new Discount on notes payable Notes payable 33,041 3,959 37,000 Record entry Clear entry View general journal
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