On June 1, 2021, Yellowstone Industries Inc. purchased land and a building to be used as a warehouse. In exchange for the property, Yellowstone Industries issued a $1,849,000 5-year, non-interest- bearing note to the seller. Yellowstone Industries will pay the note in 5 equal instalments of $369,800 on May 31 of each year. The appraisal values for the purchased property are as follows: Land Building $266,200 1,331,000 Yellowstone Industries normally pays an interest rate of 6% on any long-term borrowings. Yellowstone Industries has a year end of May 31. Required: 1. Prepare the journal entry required by Yellowstone Industries for the purchase of the property on June 1, 2021. Round any required calculations to 2 decimal places. (5.5 marks) 2. Prepare the journal entry required by Yellowstone Industries for the first note payment on May 31, 2022. (2.5 marks) 3. Prepare the journal entry required by Yellowstone Industries for the second note payment on May 31, 2023