VenaProduction Company began operations on September 1, 2021. 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 $420,000 in cash for the property. According to appraisals, the land had a fair value of $270,000 and the building had a fair value of $180,000.
2. On September 1, company signed a $58,000 noninterest-bearing note to purchase equipment. The $58,000 payment is due on September 1, 2023. Assume that 8% is a reasonable interest rate.
3. On October 10, Tristar purchased maintenance equipment for cash. The purchase price was $35,000 and $4150 in freight charges also were paid.Company also paid $3,000 bribe to a sales agent to get a good price.
4. On December 2, Tristar acquired various items of office equipment. The company was short of cash and could not pay the $12,800 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.
5. On December 10, the company acquired a tract of land at a cost of $73,000. It paid $13,000 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.