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 $240,000 in cash for the property. According to appraisals, the land had a fair value of $169,000 and the building had a fair value of $91,000. 2. On September 1, Tristar signed a $54,000 noninterest-bearing note to purchase equipment. The $54,000 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 $3,900. 4. On September 18 , the company paid its lawyer $4,500 for organizing the corporation. 5. On October 10, Tristar purchased equipment for cash. The purchase price was $29,000 and $1,200 in freight charges also were paid. 6. On December 2. Tristar acquired equipment. The company was short of cash and could not pay the $6,900 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 $34,000. It paid $4,500 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. Required: Prepare journal entries to record each of the above transactions. 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 On September 1 , the company acquired five acres of land with a building that will be used as a warehouse. Tristar paid $240,000 in cash for the property. According to appraisals, the land had a fair value of $169,000 and the building had a fair value of $91,000. Note: Enter debits before credits. Journal entry worksheet On September 1 , Tristar signed a $54,000 noninterest-bearing note to purchase equipment. The $54,000 payment is due on September 1,2025. Assume that 9% is a reasonable interest rate. Note: Enter debits before credits. Journal entry worksheet On September 15, a truck was donated to the corporation. Similar trucks were selling for $3,900. Note: Enter debits before credits. Journal entry worksheet On September 18 , the company paid its lawyer $4,500 for organizing the corporation. Note: Enter debits before credits. Journal entry worksheet 1 On October 10, Tristar purchased equipment for cash. The purchase price was $29,000 and $1,200 in freight charges also were paid. Note: Enter debits before credits. Journal entry worksheet On December 2, Tristar acquired equipment. The company was short of cash and could not pay the $6,900 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. Note: Enter debits before credits. Journal entry worksheet On December 10 , the company acquired a tract of land at a cost of $34,000. It paid $4,500 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. Note: Enter debits before credits
