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 pald $130,000 in cash for the property. According to appraisals, the land had a fair value of $93,000 and the building had a fair value of $57,000. 2. On September 1. Tristar signed a $43,000 noninterest-bearing note to purchase equipment. The $43,000 payment is due on September 1. 2025. Assume that 10% is a reasonable interest rate. 3. On September 15, a truck was donated to the corporation. Similar trucks were selling for $2,800. 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 $18,000 and $650 in freight charges also were paid. 6. On December 2. Tristar acquired equipment. The company was short of cash and could not pay the $5,800 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 $23,000. It paid $3,500 down and signed a 12% note with both principal and interest due in one year. Twelve percent is an appropriate rate of interest for this note. Required: Prepare joumal 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 journol entry required" in the first account field. Round your answers to the neorest whole dollar. (EV of $1, PV of $1. EVA of \$11. PVA of S1. EVAD of $1 and PVAD of Si Journal entry worksheet 34567 On September 1 , the company acquired five acres of land with a building that will be used as a warehouse, Tristar paid $130,000 in cash for the property. According to appraisals, the land had a fair value of $93,000 and the building had a fair value of $57,000. Note: Enter debits before credits. Journal entry worksheet On September 1, Tristar signed a \$43,000 noninterest-bearing note to purchase equipment. The $43,000 payment is due on September 1,2025. Assume that 10% is a reasonable interest rate. Note: Enter debits before credits. Journal entry worksheet \begin{tabular}{ll|l|l} \hline & 1 & 5 & 7 \\ \hline \end{tabular} On September 15 , a truck was donated to the corporation. Similar trucks were selling for $2,800. Note: Enter debits before credits. Journal entry worksheet
