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.

1. On September 1, the company acquired five acres of land with a building that will be used as a warehouse. Tristar paid $180,000 in cash for the property. According to appraisals, the land had a fair value of $134,000 and the building had a fair value of $66,000.
2. On September 1, Tristar signed a $48,000 noninterest-bearing note to purchase equipment. The $48,000 payment is due on September 1, 2025. Assume that 9% is a reasonable interest rate.
3. On September 15, a truck was donated to the corporation. Similar trucks were selling for $3,300.
4. On September 18, the company paid its lawyer $7,000 for organizing the corporation.
5. On October 10, Tristar purchased equipment for cash. The purchase price was $23,000 and $900 in freight charges also were paid.
6. On December 2, Tristar acquired equipment. The company was short of cash and could not pay the $6,300 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 $28,000. It paid $6,000 down and signed a 11% note with both principal and interest due in one year. Eleven percent is an appropriate rate of interest for this note.