Rocket Industries began operations on September 1, 2014. Below are transactions that occurred during the first four months of operations. For each record the required journal entry.

On September 1, the company purchased 3 acres of land that included a building for a warehouse. They paid $150,000 in cash. The land appraised at $85,000 and the building at $75,000.

On September 1^st Rocket signed a $57,000 noninterest-bearing note for the purchase of equipment. The payment is due in 12 months. Assume that 8% is a reasonable interest rate.

On September 15, a truck was donated to the corporation. The fair value of the truck was $3,500.

On September 118^th the company paid $4500 in legal fees for the incorporation of the company.

On October 10^th the corporation used cash to purchase $10,000 in equipment and an additional $600 in freight.

On December 1, Rocket acquired several new pieces of office equipment. The cash price was $5,500 however the supplier agreed to accept 200 shares of the companys nopar common stock in exchange for the equipment. The fair value of the stock was not readily determinable.

On December 10^th the company acquired an additional tract of land at a cost of $18,000. The made a 10% down payment and signed a 10% note with the entire principal and interest due in one year.