1. On January 1.2020, Concord Company makes the two following acquisitions. Purchases land having a fair value of $250,000 by issuing a 4-year, zero-interest-bearing promissory note in the face amount of $379,518 Purchases equipment by issuing a 7%, 8 year promissory note having a maturity value of $290,000 finterest payable annually 2 The company has to pay 11% interest for funds from its bank, (a) Record the two journal entries that should be recorded by Concord Company for the two purchases on January 1, 2020 Record the interest at the end of the first year on both notes using the effective interest method. (b) Debit Credit No. Date Account Titles and Explanation (a) 1. January 1, 2020 2 . January 1 2020 (b) 1 December 31, 2020 2. December 31.2020