$18$

Tristar Production Company began operations on September $1,2024.$ Listed below are a number of transactions that occurred during its first four months of operations.

On September $1,$ the company acquired five acres of land with a building that will be used as a warehouse. Tristar paid $$190,000$

$4\mathrm{.}28$

points

in cash for the property. According to appraisals, the land had a fair value of $$126,000$ and the building had a fair value of $$84,000.$

On September $1,$ Tristar signed a $$49,000$ noninterest$-$bearing note to purchase equipment. The $$49,000$ payment is due on September $1,2025.$ Assume that $10\%$ is a reasonable interest rate.

On September $15,$ a truck was donated to the corporation. Similar trucks were selling for $$3,400.$

On September $18,$ the company paid its lawyer $$7,500$ for organizing the corporation.

On October $10,$ Tristar purchased equipment for cash. The purchase price was $$24,000$ and $$950$ in freight charges also were paid.

On December $2,$ Tristar acquired equipment. The company was short of cash and could not pay the $$6\mathrm{.}400$ normal cash price. The supplier agreed to accept $200$ shares of the company's no$-$par common stock in exchange for the equipment. The fair value of the stock is not readily determinable.

On December $10,$ the company acquired a tract of land at a cost of $$29,000.$ It paid $$2,000$ down and signed a $12\%$ note with both principal and interest due in one year. Twelve percent is an appropriate rate of interest for this note.

Requlred:

Prepare journal entries to record each of the above transactions.

Note: Use tables, Excel, or a financlal calculator. If no entry ls requlred for a transactlon$/$event$,$ select $"$No journal entry requlred" Ir the flrst account fleld. Round your onswers to the nearest whole dollor. $($FV of $$1,$ PV of $$1.$ FVA of $$1,$ PVA of $$1,$ FVAD of $$1$ and PVAD of $$1)$

$\backslash$table$[[,$No$,$Date,General Journal,Debit,Credit$],[,1,$September $01,$Land,,$],[,,$Building,,$],[,,$Cash,,$],[,2,$September $01,$Equipment,,$],[,,$Discount on notes payable,,$],[,,$Notes payable,,$],[,3,$September $15,$Truck,,$],[,,$Revenue$-$donation of asset,,$],[,4,$September $18,$Organization cost expense,,$],[,,$Cash,,$],[,5,$October $10,$Equipment,,$],[,,$Cash,,$],[,6,$December $02,$Equipment,,$],[,,$Common stock,,$],[,7,$December $10,$Land,,$],[,,$Cash,,$],[,,$Notes payable,,$]]$