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 $$190,000$ in cash for the property. According to appraisals, the land had a fair value of $$126,000$ and the building had a fair value of $$84,000.$

On September $1,$ Tristar signed a $$49,000$ noninterest$-$bearing note to purchase equipment. The $$49,000$ payment is due on September $1,2025.$ Assume that $10\%$ is a reasonable interest rate.

On September $15,$ a truck was donated to the corporation. Similar trucks were selling for $$3,400.$

On September $18,$ the company paid its lawyer $$7,500$ for organizing the corporation.

On October $10,$ Tristar purchased equipment for cash. The purchase price was $$24,000$ and $$950$ in freight charges also were paid.

On December $2,$ Tristar acquired equipment. The company was short of cash and could not pay the $$6,400$ 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.

On December $10,$ the company acquired a tract of land at a cost of $$29,000.$ It paid $$2,000$ down and signed a $12\%$ note with both principal and interest due in one year. Twelve percent is an appropriate rate of interest for this note.