Tristar Production Company began operations on January 1, 2020. Listed below are a number of transactions that occurred during its first year. The Company spent $120,000 during the year for experimental purposes in connection with the development of a new product. The Company lost a patent infringement suit and paid the plaintiff $7,500. The Company paid $6,000 down and signed a noninterest-bearing note requiring the payment of $18,000 in nine months. The cash price for this equipment was $23,000. The Company paid $12,000 in legal fees in November, in connection with a successful infringement suit on its patent. The Company traded its old machine with an original cost of $7,400 and a book value of $3,000 plus cash of $8,000 for a new one that had a fair value of $10,000. The Company acquired five acres of land with a building that will be used as a warehouse. Tristar paid $100,000 in cash for the property. According to appraisals, the land had a fair value of $75,000 and the building had a fair value of $45,000. The Company signed a $40,000 noninterest-bearing note to purchase equipment. The $40,000 payment is due on September 1, 2021. Assume that 8% is a reasonable interest rate. A truck was donated to the corporation. Similar trucks were selling for $2,500. The Company paid its lawyer $3,000 for organizing the corporation. The Company purchased machinery for cash. The purchase price was $15,000 and $500 in freight charges also were paid. The Company acquired various items of office equipment. The company was short of cash and could not pay the $5,500 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. The Company acquired a tract of land at a cost of $20,000. It paid $2.000 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. . Required: prepare appropriate journal entries for the above transactions