Described below are certain transactions of Shamrock Corporation. The company uses the periodic inventory system. 1. On February 2, the corporation purchased goods from Ivanhoe Company for $64,800 subject to cash discount terms of 2/10, n/30. Purchases and accounts payable are recorded by the corporation at net amounts after cash discounts. The invoice was paid on February 26. 2. On April 1, the corporation bought a truck for $50,000 from Ivanhoe Motors Company, paying $4,000 in cash and signing a 1year, 10% note for the balance of the purchase price. 3. On May 1, the corporation borrowed $91,100 from Chicago National Bank by signing a $99,740 zero-interest-bearing note due 1 year from May 1. (a) Your answer is partially correct. Saved work will be auto-submitted on the due date. Auto
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