$7.$ Tristar Production Company began operations on September $1,2024.$ Listed below are a number of transactions that occurred durlng

Its first four months of operations.

On September $1,$ the company acqulred five acres of land with a bullding that will be used as a warehouse. Tristar pald $$190,000$

In cash for the property. According to appralsals, the land had a falr value of $$126,000$ and the bullding had a falr value of

$$84,000.$

On September $1,$ Tristar signed a $$49,000$ nonlinterest$-$bearlng note to purchase equipment. The $$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 pald 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 frelght charges also were

pald.

On December $2,$ Tristar acquired equipment. The company was short of cash and could not pay the $$6,400$ normal cash price.

The supplier agreed to accept $200$ shares of the company's no$-$par common stock In exchange for the equlpment. The falr value

of the stock is not readily determinable.

On December $10,$ the company acquired a tract of land at a cost of $$29,000.$ It pald $$2,000$ down and slgned a $12\%$ note with

both principal and Interest due in one year. Twelve percent Is an approprlate rate of Interest for this note.

Required:

Prepare journal entrles to record each of the above transactions.

Note: Use tables, Excel, or a financlal calculator. If no entry Is requlred for a transaction$/$event$,$ select $"$No Journal entry requlred" In

the first account fleld. Round your answers to the nearest whole dollar. $($FV of $$1,$ PV of $$1,$ FVA of $$1,$ PVA of $$1,$ FVAD of $$1$ and

PVAD of $$1)$

Journal entry worksheet

$1$

On September $1,$ the company acquired five acres of land with a building that

will be used as a warehouse. Tristar paid $$190,000$ 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.$

Note: Enter debits before credits.