Tristar Production Company began operations on September 1,2024. Listed below are a number of transactions...

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Accounting

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 $260,000
in cash for the property. According to appraisals, the land had a fair value of $187,600 and the building had a fair value of
$92,400.
(requires 3 lines instead of 2)On September 1, Tristar signed a $56,000 noninterest-bearing note to purchase equipment. The $56,000 payment is due on
September 1,2025. Assume that 8% is a reasonable interest rate.
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