(a) On January 1, 2017, Windsor Inc. purchased land that had an assessed value of $349,000 at the time of purchase. A $571,000, zero-interest-bearing note due January 1, 2020, was given in exchange. There was no established exchange price for the land, nor a ready fair value for the note. The interest rate charged on a note of this type is 12%. Determine at what amount the land should be recorded at January 1, 2017, and the interest expense to be reported in 2017 related to this transaction. (Round answers to o decimal places, e.g. 38,548.) Land to be recorded at January 1, 2017 ] Interest expense to be reported 406426 48771 (b) On January 1, 2017, Sheridan Furniture Co. borrowed $4,500,000 (face value) from Gary Sinise Co., a major customer, through a zero-interest-bearing note due in 4 years. Because the note was zero-interest bearing, Sheridan Furniture agreed to sell furniture to this customer at lower than market price. A 8% rate of interest is normally charged on this type of loan. Prepare the journal entry to record this transaction. (Round answers to o decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Credit Cash T 4500000 1462365 L Discount on Notes Payable Notes Payable U 4 500000 146236 Unearned Sales Revenue Determine the amount of interest expense to report for 2017. (Round answer to 0 decimal places, e.g. 38,548.) Interest expense to be reported for 2017 264611 Click if you would like to show Work for this question: Open Show Work LINK TO TEXT