Return to question Problem 10-1 (Algo) Acquisition costs (LO10-1, 10-2, 10-3, 10-4) Tristar Production Company began operations on September 1, 2021. Listed below are a number of transactions that occurred during its first four months of operations. (FV of $1. PV of $1. FVA of $1. PVA of $1. FVAD 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 $130,000 in cash for the property. According to appraisals, the land had a fair value of $93,000 and the building had a fair value of $57,000. 2. On September 1. Tristar signed a $43,000 noninterest-bearing note to purchase equipment. The $43,000 payment is due on September 1, 2022. Assume that 10% is a reasonable interest rate 3. On September 15, a truck was donated to the corporation. Similar trucks were selling for $2.800. 4. On September 18, the company paid its lawyer $4,500 for organizing the corporation. 5. On October 10, Tristar purchased maintenance equipment for cash. The purchase price was $18,000 and $650 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 $5,800 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 $23,000. It paid $3,500 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. www w s correct or incorrect for the work you have completed so far. It does not indicate com Retur No General Journal Credit Dates September 01 Land Debit 80,600 49,400 00 Building Cash 130,000 September 01 Equipment Discount on notes payable Notes payable 38,700 4,300 X 43,000 8 3 September 15 2,800 Truck Revenue-donation of asset 2,800 September 18 Organization cost expense Cash 4,500 5 October 10 Maintenance equipment 18.650 Cash Prey UMU September 18 4,500 Organization cost expense Cash 4,500 October 10 18,650 Maintenance equipment Cash 18,650 6 December 02 43,000 Office equipment Common stock 43,000 December 10 23.000 Land Cash Notes payable 3,500 19,500