At the beginning of the year, Lambert Motors issued the three notes described below. Interest is paid at year$-$end.

The company issued a two$-$year, $10\%,$ $$610,000$ note in exchange for a tract of land. The current market rate of interest is $10\%.$

Lambert acquired some office equipment with a fair value of $$100,227$ by issuing a one$-$year, $$105,000$ note. The stated interest on the note is $5\%.$ The current market rate of interest is $10\%.$

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 $10\%.$

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.

Note: 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. Use tables, Excel, or a financial calculator. $($FV of $$1,$ PV of $$1,$ FVA of $$1,$ PVA of $$1,$ FVAD of $$1$ and PVAD of $$1)$