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At the beginning of the year, Lambert Motors issued the three notes described below. Interest...

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Accounting

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At the beginning of the year, Lambert Motors issued the three notes described below. Interest is pald at year-end. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and (Use approprlate factor(s) from the tables provided.) 1. The company Issued a two-year, 10%,$710,000 note In exchange for a tract of land. The current market rate of Interest is 10%. 2. Lambert acquired some office equipment with a fair value of $150,818 by Issuing a one-year, $158,000 note. The stated Interest on the note is 5%. The current market rate of Interest is 10%. 3. The company purchased a bullding by Issulng a three-year Installment note. The note is to be repald In equal Installments of $1 million per year beginning one year hence. The current market rate of Interest is 10%. Required: Prepare the journal entries to record each of the three transactions and the Interest expense at the end of the first year for each. (If no entry Is requlred for a transactlon/event, select "No journal entry requlred" In the flrst account fleld. Do not round Intermedlate calculations. Enter your answers In whole dollars.) Journal entry worksheet B C C D E F > Record the purchase of land in Situation 1. Note: Enter debits before credits

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