Problem 14-10 Notes exchanged for assets; unknown effective rate (L014-3) At the beginning of the year, Lambert Motors issued the three notes described below. Interest is paid at year-end (EV of $1. PVS1 EVA OD 51. PVA S. EVAD ON and PVADO y se appropriate factors from the tables provided) A. The company issued a two year , 800,000 Hotein exchange for a tract of land. The current market rate of interest is 10% B. Lambert acquired some office equipment with a fair value of $190.909 by issuing a one year. $200,000 note. The stated interest on the note is 5% The company purchased a building by issuing a five year installment note. The note is to be repaid in equal installments of St m on per year beginning one year hence the current market rate of interest is 11% 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 if no entry is required for a wansaction 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 2 3 4 5 Record the purchase of land in Situation A. Diter debit before credit Event General Debt Credit Clear entry View generadora