1. The company issued a two-year, 12%, $690,000 note in exchange for a tract of land. The current market rate of interest is 12% 2. Lambert acquired some office equipment with a fair value of $136,286 by issuing a one-year, $144,000 note. The stated interest on the note is 6%. The current market rate of interest is 12%. 3. The company purchased a building by Issuing a three-year installment note. The note is to be repaid in equal installments of $1 million per year beginning one year hence. The current market rate of interest is 12%. 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 required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Enter your answers in whole dollars.) View transaction list Journal entry worksheet < A B C D E F Record the purchase of land in Situation 1.