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 larid with a bullding that will be used as a warehouse. Tristar paid $240,000in cash for the property. According to appraisals, the land had a fair value of $169,000 and the bulding 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