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Category > Accounting Posted 21 Apr 2017 My Price 8.00

Bramble Corporation

Bramble 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
.
2
.
3
.
4
. Truck #1 has a list price of $43,950 and is acquired for a cash payment of $40,727.
Truck #2 has a list price of $46,880 and is acquired for a down payment of $5,860 cash and a zerointerest-bearing note with a face amount of $41,020. The note is due April 1, 2018. Bramble would
normally have to pay interest at a rate of 10% for such a borrowing, and the dealership has an
incremental borrowing rate of 8%.
Truck #3 has a list price of $46,880. It is acquired in exchange for a computer system that Bramble
carries in inventory. The computer system cost $35,160 and is normally sold by Bramble for
$44,536. Bramble uses a perpetual inventory system.
Truck #4 has a list price of $41,020. It is acquired in exchange for 960 shares of common stock in
Bramble Corporation. The stock has a par value per share of $10 and a market price of $13 per
share. Prepare the appropriate journal entries for the above transactions for Bramble Corporation. (Round
present value factors to 5 decimal places, e.g. 0.52587 and final answers to 0 decimal
places, e.g. 5,275. Credit account titles are automatically indented when amount is
entered. Do not indent manually. If no entry is required, select "No Entry" for the account
titles and enter 0 for the amounts.)
No Account Titles and
.
Explanation
1. 2. 3. Debit Credit 4.

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Answers

SuperTutor
(15)
Status NEW Posted 21 Apr 2017 01:04 AM My Price 8.00

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