Q1:A company purchased a truck by issuing an 80,000, 4-year, zero interest-bearing note. The market rate of interest for obligations of this nature is 10%. Prepare the journal entry to record the purchase of this truck. Q2: Mohave Inc. purchased land, building, and equipment from Laguna Corporation for a cash payment of $315,000. The estimated fair values of the assets are land $60,000, building $220,000, and equipment $80,000. At what amounts should each of the three assets be recorded? Q3: Fielder Company obtained land by issuing 2,000 shares of its $10 par value ordinary shares. The land was recently valuated at $85,000. The ordinary shares are actively traded at $40 per share. Prepare the journal entry to record the acquisition of the land. 10-18