ces 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, 12%, $770,000 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 $174.143 by issuing a one-year, $184,000 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 four-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. 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. (EV of $1 PV of S1. EVA of $1. PVA of $1. EVAD of $1 and PVAD of $1) View transaction list Journal entry worksheet < Record the purchase of land in Situation 1. Note: Exter debits before credits Transaction 14 General Journal Debit Credit Record entry Clear entry View general journal