Problem 14-10 (Static) Notes exchanged for assets; unknown effective rate (LO14-3] 2 At the beginning of the year, Lambert Motors issued the three notes described below. Interest is paid at year-end. (Use a financial calculator or Excel.) 4 points 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%. eBook Print References 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