(a) On January 1, 2025, Indigo 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, 2028, 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, 2025, and the interest expense to be reported in 2025 related to this transaction. (Round intermediate calculation to 5 decimal places, eg. 0.23451 and final answers to O decimal places, eg. 38,548.) Land to be recorded at January 1, 2025 Interest expense to be reported (b) On January 1, 2025, Sweet Furniture borrowed $6,300,000 (face value) from Sinise Co., a major customer, through a zero-interest- bearing note due in 4 years. Because the note was zero-interest-bearing. Sweet 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