(a) On January 1, 2022, Martinez Inc. purchased land that had an assessed value of $329.000 at the time of purchase. A $594,000, zero-interest-bearing note due January 1, 2025, was given in exchange. There was no established exchange price for the land, nor a ready market price 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, 2022, and the interest expense to be reported in 2022 related to this transaction. (Round answers to decimal places, eg. 38,548.) Land to be recorded at January 1, 2022 $ Interest expense to be reported (b) On January 1, 2022, Sandhill Furniture Co. borrowed $6,300,000 (face value) from Aurora Co., a major customer through a zero- interest-bearing note due in 4 years. Because the note was zero-interest-bearing, Sandhill 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 present value factor calculations to 5 decimal places eg. 125124 and final answers to decimal places, es 38,548. If no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually) Account Titles and Explanation Debit Credit Determine the amount of interest expense to report for 2022. (Round answer to decimal places eg. 58,971.) Interest expense to be reported for 2022