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 $260,000 in cash for the property. According to appraisals, the land had a fair value of $187,600 and the building had a fair value of $92,400. 2. On September 1, Tristar signed a $56,000 noninterest-bearing note to purchase equipment. The $56,000 payment is due on September 1,2025 . Assume that 8% is a reasonable interest rate. 3. On September 15, a truck was donated to the corporation. Similar trucks were selling for $4,100. 4. On September 18 , the company paid its lawyer $5,500 for organizing the corporation. 5. On October 10, Tristar purchased equipment for cash. The purchase price was $31,000 and $1,300 in freight charges also were paid. 6. On December 2, Tristar acquired equipment. The company was short of cash and could not pay the $7,100 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 $36,000. It paid $5,500 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