T1,T2,T3

T1. On December 31, 2023, Star engaged in an exchange of equipment items with AAA Co. The following information pertains to the equipment each company owned immediately prior to the exchange: In addition, Star received $7,644 cash from AAA. Assume the exchange of equipment has commercial substance. T2. Star purchased land on December 31,2023. The company gave a down payment of $8,150 and signed an 8-year promissory note for the balance due. The note requires Star to make annual payments of $5,065 with the first payment due on December 31, 2024. The prevailing market rate of interest for comparable notes is 9%. T3. On December 31, 2023, Star engaged in another exchange of equipment items, this one with ZZZ Co. The following information pertains to the equipment each company owned immediately prior to the exchange: In addition, Star received $23,760 cash from ZZZ, Assume this exchange of equipment lacks commercial substance