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.

On September 1, the company acquired five acres of land with a building that will be used as a warehouse. Tristar paid $230,000 in cash for the property. According to appraisals, the land had a fair value of $160,000 and the building had a fair value of $90,000.

On September 1, Tristar signed a $53,000 noninterest-bearing note to purchase equipment. The $53,000 payment is due on September 1, 2025. Assume that 8% is a reasonable interest rate.

On September 15, a truck was donated to the corporation. Similar trucks were selling for $3,800.

On September 18, the company paid its lawyer $4,000 for organizing the corporation.

On October 10, Tristar purchased equipment for cash. The purchase price was $28,000 and $1,150 in freight charges also were paid.

On December 2, Tristar acquired equipment. The company was short of cash and could not pay the $6,800 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.

On December 10, the company acquired a tract of land at a cost of $33,000. 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.

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 $230,000 in cash for the property. According to appraisals, the land had a fair value of $160,000 and the building had a fair value of $90,000.

Note: Enter debits before credits.

Date	General Journal	Debit	Credit
September 01

On September 1, Tristar signed a $53,000 noninterest-bearing note to purchase equipment. The $53,000 payment is due on September 1, 2025. Assume that 8% is a reasonable interest rate.

Note: Enter debits before credits.

Date	General Journal	Debit	Credit
September 01

On September 15, a truck was donated to the corporation. Similar trucks were selling for $3,800.

Note: Enter debits before credits.

Date	General Journal	Debit	Credit
September 15

On September 18, the company paid its lawyer $4,000 for organizing the corporation.

Note: Enter debits before credits.

Date	General Journal	Debit	Credit
September 18

On October 10, Tristar purchased equipment for cash. The purchase price was $28,000 and $1,150 in freight charges also were paid.

Note: Enter debits before credits.

Date	General Journal	Debit	Credit
October 10

On December 2, Tristar acquired equipment. The company was short of cash and could not pay the $6,800 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.

Note: Enter debits before credits.

Date	General Journal	Debit	Credit
December 02

On December 10, the company acquired a tract of land at a cost of $33,000. 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.

Date	General Journal	Debit	Credit
December 10