what are related party transactions

Check my work 6 Problem 14-10 (Static) 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. (FV of $1. PV of $1. FVA of $1. PVA of $1. FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) 1. The company issued a two-year, 12%, $600,000 note in exchange for a tract of land. The current market rate of interest is 12% 2. Lambert acquired some office equipment with a fair value of $94,643 by Issuing a one-year. $100,000 note. The stated interest on the note is 6%. The current market rate of interest is 12%. 3. The company purchased a building by issuing a three-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 12% Book Print Ferences 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 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 View journal entry worksheet No Transaction General Journal Debit Credit Ch 14.2 Assignment Sid Help Save & Ext Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to que 6 ta > 600.000 Land Notes payable 600,000 B 1b 2 point Interest expense Cash oo c 2a Office equipment Discount on notes payable Notes payable 3 D 20 Interest expense Discount on nolos payable Cash OOO m 3a Building Notes payablo Return to questo 6 20 Office equipment Discount on notes payable Notes payable 2 points D 20 Interest expenso Discount on notes payable Cash BO E Building Notes payable F 36 Notes payable Interest expense