Martinez 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. truck #1 has a list price of $47,550 and is acquired for a cash payment of $44,063.2. truck #2 has a list price of $50,720 and is acquired for a down payment of $6,340 cash and a zero-interest-bearing note with a face amount of $44,380. the note is due april 1, 2018. martinez would normally have to pay interest at a rate of 9% for such a borrowing, and the dealership has an incremental borrowing rate of 8%.3. truck #3 has a list price of $50,720. it is acquired in exchange for a computer system that martinez carries in inventory. the computer system cost $38,040 and is normally sold by martinez for $48,184. martinez uses a perpetual inventory system.4. truck #4 has a list price of $44,380. it is acquired in exchange for 1,080 shares of common stock in martinez 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 martinez 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.)

Selected information about income statement accounts for the reed company is presented below (the company's fiscal year ends on december 31): 2018 2017sales $ 4,400,000 $ 3,500,000cost of goods sold 2,860,000 2,000,000administrative expenses 800,000 675,000selling expenses 360,000 312,000interest revenue 150,000 140,000interest expense 200,000 200,000loss on sale of assets of discontinued component 50,000 —on july 1, 2018, the company adopted a plan to discontinue a division that qualifies as a component of an entity as defined by gaap. the assets of the component were sold on september 30, 2018, for $50,000 less than their book value. results of operations for the component (included in the above account balances) were as follows: 1/1/18-9/30/18 2017 sales $ 400,000 $ 500,000 cost of goods sold (290,000 ) (320,000 )administrative expenses (50,000 ) (40,000 )selling expenses (20,000 ) (30,000 )operating income before taxes $ 40,000 $ 110,000 in addition to the account balances above, several events occurred during 2018 that have not yet been reflected in the above accounts: a fire caused $50,000 in uninsured damages to the main office building. the fire was considered to be an infrequent but not unusual event.inventory that had cost $40,000 had become obsolete because a competitor introduced a better product. the inventory was sold as scrap for $5,000.income taxes have not yet been recorded.required: prepare a multiple-step income statement for the reed company for 2018, showing 2017 information in comparative format, including income taxes computed at 40% and eps disclosures assuming 300,000 shares of common stock. (amounts to be deducted should be indicated with a minus sign. round eps answers to 2 decimal places.)