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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 $$170,000$

in cash for the property. According to appraisals, the land had a fair value of $$125,400$ and the building had a fair value of

$$64,600.$

On September $1,$ Tristar signed a $$47,000$ noninterest$-$bearing note to purchase equipment. The $$47,000$ 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 $$3,200.$

On September $18,$ the company paid its lawyer $$6,500$ for organizing the corporation.

On October $10,$ Tristar purchased equipment for cash. The purchase price was $$22,000$ and $$850$ in freight charges also were

paid.

On December $2,$ Tristar acquired equipment. The company was short of cash and could not pay the $$6,200$ 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 $$27,000.$ It paid $$5,500$ 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 $$170,000$ in cash for the property.

According to appraisals, the land had a fair value of $$125,400$ and the building

had a fair value of $$64,600.$

Note: Enter debits before credits.

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