Tristar Production Company began operations on September $1,2024.$ Listed below are a number of transactions that occurred during

its first four months of operations.

On September $1,$ the company acquired five acres of land with a building that will be used as a warehouse. Tristar paid $$260,000$

in cash for the property. According to appraisals, the land had a fair value of $$187,600$ and the building had a fair value of

$$92,400.$

$($requires $3$ lines instead of $2)$On September $1,$ Tristar signed a $$56,000$ noninterest$-$bearing note to purchase equipment. The $$56,000$ payment is due on

September $1,2025.$ Assume that $8\%$ is a reasonable interest rate.