1. Purchases land having a fair value of 160,000 by issuing a 4 -year, zero-interest-bearing promissory note in the face amount of 251,763. 2. Purchases equipment by issuing a 7%,8-year promissory note having a maturity value of 270,000 (interest payable annually). The company has to pay 12% interest for funds from its bank. (a) Record the two journal entries that should be recorded by Metlock AG for the two purchases on January 1,2022. (b) Record the interest at the end of the first year on both notes: (Round present volue factar calculations to 5 decimal ploces, e. 1.25124 and the final answer to 0 decimal places e. 58.971 . If no entry is required, select "No Entry" for the occount titles and enter ofor the amounts. Credit occount titles are automatically indented when amount is entered Do not indent manually) 1. Purchases land having a fair value of 160,000 by issuing a 4 -year, zero-interest-bearing promissory note in the face amount of 2251,763 2 Purchases equipment by issuing a 7\%, 8-year promissory note having a maturity value of 270,000 interest payable annually. The compary has to pav 12k interest for funds from its bank. (a) Record the two journal entries that should be recorded by Metlock AG for the two purchases on January 1,2022. (b) Record the interest at the end of the first year on bothinotes. (Round present value foctor calculotions to 5 decimol places, es. 1.25124 and the final answer to 0 decimal placer es. 58,971.17 no entry bs required select 'No Entry' for the occount titles and enter ofor the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually) No. Date Account Titles and Explanation Debit Credit (a) January 1. 1. 2022 tand 2. January 1. (b) December 1. 31.2022 2. December 31,2022