Business, 04.12.2019 02:31, DnsMonsteR3462

Nseptember 1, the company acquired five acres of land with a building that will be used as a warehouse. tristar paid $160,000 in cash for the property. according to appraisals, the land had a fair value of $117,000 and the building had a fair value of $63,000. on september 1, tristar signed a $46,000 non interest-bearing note to purchase equipment. the $46,000 payment is due on september 1, 2022. assume that 10% is a reasonable interest rate. on september 15, a truck was donated to the corporation. similar trucks were selling for $3,100. on september 18, the company paid its lawyer $6,000 for organizing the corporation. on october 10, tristar purchased maintenance equipment for cash. the purchase price was $21,000 and $800 in freight charges also were paid. on december 2, tristar acquired various items of office equipment. the company was short of cash and could not pay the $6,100 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 $26,000. it paid $5,000 down and signed a 12% note with both principal and interest due in one year. twelve percent is an appropriate rate of interest for this note.

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Nseptember 1, the company acquired five acres of land with a building that will be used as a warehou...