A.	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%.
B.	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%.
C.	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.