Tristar Production Company began operations on September
1
,

2
0
2
4
.
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 $
1
9
0
,
0
0
0
in cash for the property. According to appraisals, the land had a fair value of $
1
2
6
,
0
0
0
and the building had a fair value of $
8
4
,
0
0
0
.
On September
1
,
Tristar signed a $
4
9
,
0
0
0
noninterest
-
bearing note to purchase equipment. The $
4
9
,
0
0
0
payment is due on September
1
,

2
0
2
5
.
Assume that
1
0
%
is a reasonable interest rate.
On September
1
5
,
a truck was donated to the corporation. Similar trucks were selling for $
3
,
4
0
0
.
On September
1
8
,
the company paid its lawyer $
7
,
5
0
0
for organizing the corporation.
On October
1
0
,
Tristar purchased equipment for cash. The purchase price was $
2
4
,
0
0
0
and $
9
5
0
in freight charges also were paid.
On December
2
,
Tristar acquired equipment. The company was short of cash and could not pay the $
6
,
4
0
0
normal cash price. The supplier agreed to accept
2
0
0
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
1
0
,
the company acquired a tract of land at a cost of $
2
9
,
0
0
0
.
It paid $
2
,
0
0
0
down and signed a
1
2
%
note with both principal and interest due in one year. Twelve percent is an appropriate rate of interest for this note.
Required:
Prepare journal entries to record each of the above transactions.