Cool Globe Incorporated entered into two transactions, as follows: 1. Purchased equipment paying $20,200 at the date of purchase and signing a noninterest-bearing note requiring the balance to be paid in four annual installments of $20,200 on the anniversary date of the contract. Based on Cool Globe's 8% borrowing rate for such transactions, the implicit interest cost is $13,895. 2. Purchased a tract of land in exchange for $10,200 cash that was paid immediately and signed a noninterest-bearing note requiring six $10,200 annual payments. The first annual payment of the note is due in one year. The fair value of the land is $57,200. 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 $20,200 paid as down payment and balance to be paid in four annual