E10-11B (Entries for Equipment Acquisitions) Mays Engineering Corporation purchased conveyor equipment with a list price of $12000. The vendors credit terms were 2/10 n/30. Presented below are three independent cases related to the equipment. Assume that the purchases of equipment are recorded gross. (Round to nearest dollar.)(a) Mays paid cash for the equipment 8 days after the purchase.(b) Mays traded in equipment with a book value of $2400 (initial cost $9600) and paid $11400 in cash one month after the purchase. The old equipment could have been sold for $480 at the date of trade (assume similar equipment).(c) Mays gave the vendor a $12960 zero-interest-bearing note for the equipment on the date of purchase.The note was due in one year and was paid on time. Assume that the effective interest rate in the market was 8%.InstructionsPrepare the general journal entries required to record the acquisition and payment in each of the independentcases above. Round to the nearest dollar.