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Check my work 7 Problem 10-1 Acquisition costs [LO10-1, 10-2, 10-3, 10-4] Tristar Production Company began opertions on September 1, 2018. Listed below are a number of transactions that occurred during its first four months of operations. (FVotS1. PyofS1. EVAcS. PVA of$1. EVADofS1 and PVADOS) (Use appropriate factor(s) from the tables provided.) ts eBook Print ferences 1. On September 1, the company acquired five acres of land with a building that will be used as a warehouse. Tristar paid $140,000 in 2. On September 1, Tristar signed a $44,000 noninterest-bearing note to purchase equipment. The $44,000 payment is due on cash for the property. According to appraisals, the land had a fair value of $100,000 and the building had a fair value of $60,000. September 1, 2019, Assume that 8% is a reasonable interest rate. 3. On September 15, a truck was donated to the corporation. Similar trucks were selling for $2,900. 4. On September 18, the company paid its lawyer $5,000 for organizing the corporation. 5. On October 10, Tristar purchased maintenance equipment for cash. The purchase price was $19,000 and $700 in freight charges also were paid. On December 2, Tristar acquired various items of office equipment. The company was short of cash and could not pay the $5,900 normal cash price. The supplier agreed to accept 200 shares of the company's nopar 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 $24,000. It paid $4,000 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. 6. 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.) 7 Journal entry worksheet .5 oints Graw 7 Journal entry worksheet 0.5 points 2 4. 5 6 On September 15, a truck was donated to the corporation. Similar trucks were selling for $2,900. eBook Print References Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Graw Hill Chapter 10 HW G Saved 7 Journal entry worksheet 0.5 points 2 3 6 On September 18, the company paid its lawyer $5,000 for organizing the corporation eBook Print References Note: Enter debits before credits. Transaction General Journal Debit Credit Clear entry View general journal Record entry K Prev 7 of 16 Next 7 Journal entry worksheet 0.5 points On October 10, Tristar purchased maintenance equipment for cash. The purchase price was $19,000 and $700 in freight charges also were paid. eBook Print References Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Mc Graw Hill K Prev 7 of 16 Next > Chapter 10 HW G 7 Journal entry worksheet 0.5 points On December 2, Tristar acquired various items or bffice equipment. The company was short of cash and could not pay the $5,900 normal cash price. The supplier agreed to accept 200 shares of the company's nopar common stock in exchange for the equipment. The fair value of the stock is not readily determinable eBook Print References Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Chapter 10 HW Saved 7 Journal entry worksheet 0.5 points 2 3 4 On December 10, the company acquired a tract of land at a cost of $24,000. It paid $4,000 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. eBook Print Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Mc
