already have most correct but dont know gow to get equipment or the formula. please help

On January 1,2025. Crane Company makes the two following acquisitions. 1. Purchases land having a fair value of $280,000,00 by issuing a 5 year, zero-interest-bearing promissory note in the face amount of $471,816. 2. Purchases equipment by issuing a 6%,8-year promissory note having a maturity value of $460,000,00 (interest payable annualy). The company has to pay 11% interest for funds from its bank. Click here to view factor tables: (a) Record the two journalentries that should be recorded by Crane Company for the two purchases on January 1,2025. (b) Record the interest at the end of the first year on both notes using the effective interest method. (Round present value foctor calculations to 5 decimal places, es. 1.25124 and the final answer to 2 decimal places, es. 58,971.25. If no entry is required, select "No Entry" for the occount titles and enter Ofor the amounts. Credit occount tities are outomatically indented when the amount is entered. Do not indent manually. Ust all debit entries before credit entries) Account Titles and Explanation Land Discount an Notes Payable Notes Payable: 2025 Equipment Discount on Notes Payable Notes Payable 31.2025 Interest Expense Discount on Notes Payable 11. 2025 Debit 30300 Interest Expense Discount on Notes Payable