Question: Please, fill out this table. please complete 3a and 3b in this table below. At the beginning of the year, Lambert Motors issued the three
Please, fill out this table. please complete 3a and 3b in this table below.



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%, $740,000 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 $160,893 by issuing a one-year, $170,000 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 two-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%. 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.) No Transaction General Journal Credit Debit 740,000 A la Land Notes payable 740,000 B 1b 88,800 Interest expense Cash 88,800 c 2 Office equipment Discount on notes payable Notes payable 160,893 9,107 170,000 D 2b 19,307 Interest expense Discount on notes payable Cash 9,107 10,200 E Building Notes payable LL F 3b Interest expense Notes payable Cash 1,000,000
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