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.

$0\mathrm{.}83$ points

On September $1,$ the company acquired five acres of land with a building that will be used as a warehouse. Tristar paid $$160,000$ in cash for the property. According to appraisals, the land had a fair value of $$117,000$ and the building had a fair value of $$63,000.$

On September $1,$ Tristar signed a $$46,000$ noninterest$-$bearing note to purchase equipment. The $$46,000$ 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 $$3,100.$

On September $18,$ the company paid its lawyer $$6,000$ for organizing the corporation.

On October $10,$ Tristar purchased equipment for cash. The purchase price was $$21,000$ and $$800$ in freight charges also were paid.

On December $2,$ Tristar acquired equipment. The company was short of cash and could not pay the $$6,100$ 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 $$26,000.$ It paid $$5,000$ 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.

Required:

Prepare journal entries to record each of the above transactions.

Note: Use tables, Excel, or a financial calculator. If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Round your answers to the nearest whole dollar. $($FV of $$1,$ PV of $$1,$ FVA of $$1,$ PVA of $$1,$ FVAD of $$1$ and PVAD of $$1)$

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Journal entry worksheet

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