Cool Globe Inc. entered into two transactions, as follows: 1 1. Purchased equipment paying $20,700 at the date of purchase and signing a noninterest-bearing note requiring the balance to be paid in three annual installments of $20,700 on the anniversary date of the contract, Based on Cool Globe's 10% borrowing rate for such transactions, the implicit interest cost is $10,622 2. Purchased a tract of land in exchange for $10700 cash that was paid immediately and signed a noninterest-bearing note requiring four $10,700 annual payments. The first annual payment of the note is due in one year. The for value of the land is $38,800. 02 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 1 2 Record the noninterest bearing note payable for the purchase of equipment for which $20,700 paid as down payment and balance to be paid in three annual installments of $20,700. The company's implicit interest cost based on its 10% borrowing rate is $10,622. Note: Enter debits before credits