Tristar Production Company began operations on September 1, 2021. Listed below is one of the transactions that occurred during its first four months of operations.

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.

Prepare journal entries to record the above transaction.