Cool Globe Incorporated entered into two transactions, as follows: 1. Purchased equipment paying $19,100 at the date of purchase and signing a noninterest-bearing note requiring the balance to be paid in four annual installments of $19,100 on the anniversary date of the contract. Based on Cool Globe's 10% borrowing rate for such transactions, the implicit interest cost is $15,856. 2. Purchased a tract of land in exchange for $11,900 cash that was paid immediately and signed a noninterest-bearing note requiring four $11,900 annual payments. The first annual payment of the note is due in one year. The fair value of the land is $43,600. Required: Prepare the journal entries for these transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the noninterest bearing note payable for the purchase of equipment for which $19,100 paid as down payment and balance to be paid in four annual installments of $19,100. The company's implicit interest cost based on its 10% borrowing rate is $15,856. Note: Enter debits before credits. Journal entry worksheet Record the noninterest bearing note payable for the purchase of a tract of land with a fair value of $43,600 in exchange for $11,900 cash that was paid immediately and balance to be paid in four annual installments of $11,900. The first annual payment of the note is due in one year. Note: Enter debits before credits