Tnstar Production Company began operabons on September 1, 2024. Usted below are a number of transactions that occurted diaing its first four months of operations. 1 On Septermber t, the company acquired five acres of land with a bullding that will be used as a warehouse. Instar paid 5 toboooin catsh for the property, According to appralsals, the land had a fat value of $75,000 and the bullding had a far vilue of $45.000 2. On September 1. Instar signed a $40,000 nontrierest beanng note to purchase equipment. The $40,000 payment is due on September 1,2025. Assume that 8\%1s a reasonable interest rate. 3. On September 15, a truck was donated to the corporation. Simitar trucks were seang for 52,500 4. On 5eptenter 18, the company padd ins lawyer $3,000 tor organizing the corporation 5. On October 10. Tristar puchased equipment for cach. The purchase pace was $15,000 and $500 in freight charges aro were pald 6. On December 2. Tristar acquired equpment The company was short of cash and could not pay the s5, 500 normat cash price. The supptier agreed to accept 200 shares of the companys no-par common stock in exchange tor the equppnent. The far valoe of the istock is not readly detetminable 7. On December 10, the company acquired a tract of land at a cost of $20.000. s paid 52000 down and ayned a tok note with ooth principal and interest due in one year Ten percent is an appropgiate rate of interest for this note Pequired: Piepare journal entres to record each of the above transactrons: Note: Note: Use tableh, Excel, or a financiel calculetor. If no entry is required for a transoctionievent, seiect 'No joumel entry of S1 and PVAD ot 510 7 September 18 , the company paid its lawyer $3,000 for organizing the corporation. October 10, Tristar purchased equipment for cash. The purchase price was $15,000 and $500 in freight chia December 2 , Tristar acquired equipment. The company was short of cash and could not pay the 55,500 no ipplier agreed to accept 200 shares of the company's no-par common stock in exchange for the equipment. ock is not readily determinable. n December 10 , the company acquired a tract of land at a cost of $20,000. it paid $2,000 down and signed a incipal and interest due in one year. Ten percent is an appropriate rate of interest for this note. ulred: bare journal entries to record each of the above transactions. e: Note: Use tables, Excel, or a financial calculator. If no entry is required for a tronsaction/event, select "No ulred" in the first occount fleid. Round your answers to the nearest whole dollor. (EV of S1, PV of S1, FVA of 5 1 and PVAD of $10 Tnstar Production Company began operabons on September 1, 2024. Usted below are a number of transactions that occurted diaing its first four months of operations. 1 On Septermber t, the company acquired five acres of land with a bullding that will be used as a warehouse. Instar paid 5 toboooin catsh for the property, According to appralsals, the land had a fat value of $75,000 and the bullding had a far vilue of $45.000 2. On September 1. Instar signed a $40,000 nontrierest beanng note to purchase equipment. The $40,000 payment is due on September 1,2025. Assume that 8\%1s a reasonable interest rate. 3. On September 15, a truck was donated to the corporation. Simitar trucks were seang for 52,500 4. On 5eptenter 18, the company padd ins lawyer $3,000 tor organizing the corporation 5. On October 10. Tristar puchased equipment for cach. The purchase pace was $15,000 and $500 in freight charges aro were pald 6. On December 2. Tristar acquired equpment The company was short of cash and could not pay the s5, 500 normat cash price. The supptier agreed to accept 200 shares of the companys no-par common stock in exchange tor the equppnent. The far valoe of the istock is not readly detetminable 7. On December 10, the company acquired a tract of land at a cost of $20.000. s paid 52000 down and ayned a tok note with ooth principal and interest due in one year Ten percent is an appropgiate rate of interest for this note Pequired: Piepare journal entres to record each of the above transactrons: Note: Note: Use tableh, Excel, or a financiel calculetor. If no entry is required for a transoctionievent, seiect 'No joumel entry of S1 and PVAD ot 510 7 September 18 , the company paid its lawyer $3,000 for organizing the corporation. October 10, Tristar purchased equipment for cash. The purchase price was $15,000 and $500 in freight chia December 2 , Tristar acquired equipment. The company was short of cash and could not pay the 55,500 no ipplier agreed to accept 200 shares of the company's no-par common stock in exchange for the equipment. ock is not readily determinable. n December 10 , the company acquired a tract of land at a cost of $20,000. it paid $2,000 down and signed a incipal and interest due in one year. Ten percent is an appropriate rate of interest for this note. ulred: bare journal entries to record each of the above transactions. e: Note: Use tables, Excel, or a financial calculator. If no entry is required for a tronsaction/event, select "No ulred" in the first occount fleid. Round your answers to the nearest whole dollor. (EV of S1, PV of S1, FVA of 5 1 and PVAD of $10
