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THE ANSWERS HIGHLIGHTED IN YELLOW ARE INCORRECT THAT IS ALL I NEED FIXED. WILL UPVOTE...

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Accounting

THE ANSWERS HIGHLIGHTED IN YELLOW ARE INCORRECT THAT IS ALL I NEED FIXED. WILL UPVOTE FOR CORRECT ANSWER

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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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