Tristar Production Company began operations on September 1, 2021. 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 $110,000 in cash for the property. According to appraisals, the land had a fair value of $78,000 and the building had a fair value of $52,000. 2. On September 1, Tristar signed a $41,000 noninterest-bearing note to purchase equipment. The $41,000 payment is due on September 1, 2022. Assume that 8% is a reasonable interest rate. 3. On September 15, a truck was donated to the corporation. Similar trucks were selling for $2,600. 4. On September 18, the company paid its lawyer $3,500 for organizing the corporation. 5. On October 10, Tristar purchased maintenance equipment for cash. The purchase price was $16,000 and $550 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 $5,600 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 $21,000. It paid $2,500 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round final answers to the nearest whole dollars.) Required: Prepare journal entries to record each of the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round final answers to the nearest whole dollars.) View transaction list Journal entry worksheet On September 1, the company acquired five acres of land with a building that will be used as a warehouse. Tristar paid $110,000 in cash for the property. According to appraisals, the land had a fair value of $78,000 and the building had a fair value of $52,000. Note: Enter debits before credits. Dates General Journal Debit Credit September 01 Journal entry worksheet On September 15, a truck was donated to the corporation. Similar trucks were selling for $2,600. Note: Enter debits before credits. Dates General Journal Debit Credit September 15 Journal entry worksheet 1 2 4 5 6 7 On September 18, the company paid its lawyer $3,500 for organizing the corporation. Note: Enter debits before credits. Dates General Journal Debit Credit September 18 Journal entry worksheet On October 10, Tristar purchased maintenance equipment for cash. The purchase price was $16,000 and $550 in freight charges also were paid. Note: Enter debits before credits. Dates General Journal Debit Credit October 10 Journal entry worksheet On December 10, the company acquired a tract of land at a cost of $21,000. It paid $2,500 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. Note: Enter debits before credits. Dates General Journal Debit Credit December 10
