es its first four months of operations. (EV of $1. PV of $1. FVA of $1. PVA of $1. EVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) 1. On September 1, the company acquired five acres of land with a building that will be used as a warehouse. Tristar paid $200,000 in cash for the property. According to appraisals, the land had a fair value of $134,200 and the building had a fair value of $85,800. 2. On September 1, Tristar signed a $50,000 noninterest-bearing note to purchase equipment. The $50,000 payment is due on September 1, 2022. Assume that 8% is a reasonable interest rate. 3. On September 15, a truck was donated to the corporation. Similar trucks were selling for $3,500. 4. On September 18, the company paid its lawyer $8,000 for organizing the corporation. 5. On October 10, Tristar purchased maintenance equipment for cash. The purchase price was $25,000 and $1,000 in freight charges also were paid. 6. On December 2, Tristar acquired various items of office equipment. The company was short of cash and could not pay the $6,500 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.. 7. On December 10, the company acquired a tract of land at a cost of $30,000. It paid $2,500 down and signed a 10% note with both principal and interest due in one year. Ten percent is an appropriate rate of interest for this note. Required: Prepare journal entries to record each of the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round final answers to the nearest whole dollars.) View transaction list Journal entry worksheet < 1 2 3 5 6 7 On September 1, the company acquired five acres of land with a building that will be used as a warehouse. Tristar paid $200,000 in cash for the property. According to appraisals, the land had a fair value of $134,200 and the building had a fair value of $85,800. Note: Enter debits before credits. Dates General Journal September 01 Land Building Cash Debit Credit 210,000 Record entry Clear entry View general journal View transaction list Journal entry worksheet > 1 2 3 4 5 6 7 On September 1, Tristar signed a $50,000 noninterest-bearing note to purchase equipment. The $50,000 payment is due on September 1, 2022. Assume that 8% is a reasonable interest rate. Note: Enter debits before credits. Dates September 01 Equipment General Journal Debit Credit Discount on notes payable Notes payable Record entry Clear entry Prev View general journal > View transaction list Journal entry worksheet < 1 2 3 5 6 7 On September 15, a truck was donated to the corporation. Similar trucks were selling for $3,500. Note: Enter debits before credits. Dates General Journal Debit Credit September 15 Truck Revenue-donation of asset Record entry Clear entry View general journal View transaction list Journal entry worksheet > 1 2 3 5 6 7 On September 18, the company paid its lawyer $8,000 for organizing the corporation. Note: Enter debits before credits. Dates General Journal Debit Credit September 18 Organization cost expense Cash Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 6 7 On October 10, Tristar purchased maintenance equipment for cash. The purchase price was $25,000 and $1,000 in freight charges also were paid. Note: Enter debits before credits. Dates October 10 General Journal Debit Credit Equipment Cash Record entry Clear entry View general journal ook rences: View transaction list Journal entry worksheet < 2 3 5 7 On December 2, Tristar acquired various items or office equipment. The company was short of cash and could not pay the $6,500 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. Note: Enter debits before credits. Dates General Journal December 02 Equipment Common stock Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet < 2 3 5 6 7 On December 10, the company acquired a tract of land at a cost of $30,000. It paid $2,500 down and signed a 10% note with both principal and interest due in one year. Ten percent is an appropriate rate of interest for this note. Note: Enter debits before credits. Dates December 10 Land Cash Notes payable General Journal Debit Credit Record entry Clear entry View general journal