On January 1, Year 1, a company purchased land costing $800,000. Instead of paying cash at the time of purchase, the company plans to make four installment payments of $215,221.64 on June 30 and December 31 in Year 1 and Year 2. The payments include interest at a rate of 6%. Required: 1. Record the purchase of land when the note is issued. 2. Record the first installment payment on June 30, Year 1, and the second installment payment on December 31, Year 1. 3. Calculate the balance of Notes Payable and Interest Expense on December 31, Year 1. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Record the purchase of land when the note is issued. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the issue of Notes Payable for Land. Note: Enter debits before credits. Date General Journal Debit Credit January 01 On January 1, Year 1, a company purchased land costing $800,000. Instead of paying cash at the time of purchase, the company plans to make four installment payments of $215,221.64 on June 30 and December 31 in Year 1 and Year 2. The payments include interest at a rate of 6%. Required: 1. Record the purchase of land when the note is issued. 2. Record the first installment payment on June 30, Year 1, and the second installment payment on December 31, Year 1. 3. Calculate the balance of Notes Payable and Interest Expense on December 31, Year 1. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Record the first installment payment on June 30, Year 1, and the second installment payment on December 31, Year 1. (Do not round intermediate calculations. Round your final answers to 2 decimal places. If no entry is required for a particular transaction/event, select "No Journal Entry Required in the first account field.) View transaction list Journal entry worksheet Record the payment of first installment on note. Note: Enter debits before credits. Date General Journal Debit Credit June 30 On January 1, Year 1, a company purchased land costing $800,000. Instead of paying cash at the time of purchase, the company plans to make four installment payments of $215,221.64 on June 30 and December 31 in Year 1 and Year 2. The payments include interest at a rate of 6%. Required: 1. Record the purchase of land when the note is issued. 2. Record the first installment payment on June 30, Year 1, and the second installment payment on December 31, Year 1. 3. Calculate the balance of Notes Payable and Interest Expense on December 31, Year 1. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Calculate the balance of Notes Payable and Interest Expense on December 31, Year 1. (Round your answers to 2 decimal places.) Notes Payable Interest Expense