Q1: Accounts and Notes Payable. (30 points total, please write down the details for partial credits) Described below are certain transactions of Lamar Company for 2021: 1. On May 10, the company purchased goods from Fox Company for $75,000, terms 2/10, n/30. Purchases and accounts payable are recorded at net amounts. The invoice was paid on May 18. 2. On June 1, the company purchased equipment for $150,000 from Rao Company, paying $50,000 in cash and giving a one- year, 9% note for the balance. 3. On September 30, the company discounted at 11% its $300,000, one-year zero-interest-bearing note at Virginia State Bank, receiving $270,000. Instructions (a) Prepare the journal entries necessary to record the transactions above using appropriate dates. (20 points) (b) Prepare the adjusting entries necessary at December 31, 2021 in order to properly report interest expense related to the above transactions. Assume straight-line amortization of discounts. (10 points)