Reference no: EM132776480

Tristar Production 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 $210,000 in cash for the property. According to appraisals, the land had a fair value of $142,600 and the building had a fair value of $87,400.
2. On September 1, Tristar signed a $51,000 noninterest-bearing note to purchase equipment. The $51,000 payment is due on September 1, 2022. Assume that 9% is a reasonable interest rate. 
3. On September 15, a truck was donated to the corporation. Similar trucks were selling for $3,600. 
4. On September 18, the company paid its lawyer $3,000 for organizing the corporation. 
5. On October 10, Tristar purchased maintenance equipment for cash. The purchase price was $26,000 and $1,050 in freight charges also were paid. 
6. On December 2, Tristar acquired various items of office equipment. The company was short of cash and could not pay the $6,600 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 $31,000. It paid $3,000 down and signed a 11% note with both principal and interest due in one year. Eleven percent is an appropriate rate of interest for this note.

Problem 1: Prepare journal entries to record each of the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round final answers to the nearest whole dollars.)