Current Attempt in Progress Presented below are two independent situations (a) on January 1, 2022, Ivanhoe ing purchased and that had and value of $37.000 at the time of purchase A5.00 zero interest-bearing note due January 1, 2025, was given in exchange. There was no established change price for the indre ready market price for the note. The interest rate charged on a note of this type is 12% Determine at what amount the tand should be recorded at January 1, 2022, and the interest expense to be reported in 2022 to this transaction. (Round answers to decimal places, os 38,548.) Land to be recorded at January 1, 2022 $ Interest expense to be reported $ (h) On January 1, 2022. Shamrock Furniture Co borrowed 3,900.000 (face value from Aurora Co, a major customer through a zero-interest-bearing note due in years. Because the note was zero interest bearing Shamrock Furniture agreed to sell furniture to this customer at lower than market price A 10% rate of interest is normally charged on this type of loan Prepare the journal entry to record this transaction (Round present value factor calculations to decimal places, cu 125124 and fra answers to decimal places e$. 38.548. no entry is uired, select "No Entry for the account titles and enter for the amounts Ondir account titles are automatically indented when amount is entered. Do not indent manually) Account Titles and Explanation Debit Credit Determine the amount of interest expense to report for 2022. Round answer to decimal places eg. 58,971) $ Interest expense to be reported for 2022