7 Cool Globe Inc. entered into two transactions, as follows: 1. Purchased equipment paying $20,600 at the date of purchase and signing a noninterest-bearing note requiring the balance to be paid in four annual installments of $20,600 on the anniversary date of the contract. Based on Cool Globe's 12% borrowing rate for such transactions, the implicit interest cost is $19,831, 2. Purchased a tract of land in exchange for $10,600 cash that was paid immediately and signed a noninterest-bearing note requiring five $10,600 annual payments. The first annual payment of the note is due in one year. The fair value of the land is $49,000. 4 points 01:56:20 Required: Prepare the journal entries for these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet