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 $$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.$

On September $1,$ Tristar signed a $$40,000$ noninterest$-$bearing note to purchase equipment. The $$40,000$ payment is due on

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

On September $15,$ a truck was donated to the corporation. Similar trucks were selling for $$2,500.$

On September $18,$ the company paid its lawyer $$3,000$ for organizing the corporation.

On October $10,$ Tristar purchased equipment for cash. The purchase price was $$15,000$ and $$500$ in freight charges also were

paid.

On December $2,$ Tristar acquired 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.

On December $10,$ 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 journal entries to record each of the above transactions.

Note: 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)$

Journal entry worksheet

$1$

$2$

$3$

$4$

$4$

$5$

$6$

$7$

On September $1,$ 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.$

Note: Enter debits before credits.