Tristar Production Company began operations on September 1, 2013. Listed below are a number of transactions that occurred during its first four months of operations. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)

1. 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 $126,600 and the building had a fair value of $84,000.

2. On September 1, Tristar signed a $49,000 noninterest-bearing note to purchase equipment. The $49,000 payment is due on September 1, 2014. Assume that 10% is a reasonable interest rate.

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

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

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

6. On December 2, Tristar acquired various items of office 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.

7. 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. Ten percent is an appropriate rate of interest for this note.

Required: Prepare journal entries to record each of the above transactions