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 $140.000 in cash for the property. According to appraisals, the land had a fair value of $180.000 and the building had a fair value of $60,000 2. On September 1. Tristar signed a $44,000 noninterest-bearing note to purchase equipment. The $44.000 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 $2.900. 4. On September 18, the company paid its lawyer $5,000 for organizing the corporation. 5. On October 10. Tristar purchased equipment for cash. The purchase price was $19,000 and $700 in freight charges also were paid. 6. On December 2. Tristar acquired equipment. The company was short of cash and could not pay the $5,900 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 $24,000. It paid $4,000 down and signed a 0% 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. 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. EVA of \$1. PVA of $1. EVAD of $1 and PVAD of $1 ) Journal entry worksheet 567 On September 1 , the company acquired five acres of land with a building that will be used as a warehouse. Tristar paid $140,000 in cash for the property. According to appraisals, the land had a fair value of $100,000 and the building had a fair value of $60,000. Note: Enter debits before credits. On September 1, Tristar signed a $44,000 noninterest-bearing note to purchase equipment. The $44,000 payment is due on September 1, 2025. Assume thath 8% is a reasonable interest rate. Note: Enter debits before credits. On September 15 , a truck was donated to the corporation. Similar trucks were selling for $2,900. Note: Enter debits before credits. On September 18 , the company paid its lawyer $5,000 for organizing the corporation. Note: Enter debits before credits. On October 10 , Tristar purchased equipment for cash. The purchase price was $19,000 and $700 in freight charges also were paid. Note: Enter debits before credits. On December 2 , Tristar acquired equipment. The company was short of cash and could not pay the $5,900 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. On December 10 , the company acquired a tract of land at a cost of $24,000. It paid $4,000 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. Note: Enter debits before credits
