At the beginning of the year, Lambert Motors issued the three notes described below. Interest is paid at year-end. 1. The company issued a two-year, 10%,$780,000 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 $176,591 by issuing a one-year, $185,000 note. The stated interest on the note is 5%. The current market rate of interest is 10%. 3. The company purchased a building by issuing a four-year instaliment 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) At the beginning of the year, Lambert Motors issued the three notes described below. Interest is paid at year-end. 1. The company issued a two-year, 10%,$780,000 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 $176,591 by issuing a one-year, $185,000 note. The stated interest on the note is 5%. The current market rate of interest is 10%. 3. The company purchased a building by issuing a four-year instaliment 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)