Problem 14-10 (Algo) Notes exchanged for assets; unknown effective rate (LO14-3) At the beginning of the year, Lambert Motors issued the three notes described below. Interest is paid at year end. (FV of $1. PV of $1, FVA of $1. PVA of $1. EVAD of $1 and PVAD of $1) (Use appropriate factor(a) from the tables provided.) 1 The company issued a two-year, 20%, 5670,000 note in exchange for a tract of land. The current market rate of interestis 20% 2. Lambert acquired some office equipment with a fair value of $122,833 by issuing a one-year $134,000 note. The stated interest on the note is 10%. The current market rate of interest is 20%. 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 20%. 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 of 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.) View transaction list Journal entry worksheet