Far right column is credit

On January 1,2025, Crane Company makes the two followingacquisitions. 1. Purchases land having a fair value of $220,000.00 by issuing a 4 -year, zero-interest-bearing promissory note in the face amount of $346,174. 2. Purchases equipment by issuing a 6%,8-year promissory note having a maturity value of $410.000.00 (interest payable annually). The company has to pay 12% interest for funds from its bank. Clickhere to view factor tables. (a) Record the two journal entries that should be recorded by Crane Company for the two purchases on January 1,2025. (b) Recond the interest at the end of the first year on both notes using the effective-interest method. (Round present value factor calculations to 5 decimal places, e3. 1.25124 and the final answer to 2 decimal ploces, eg. 58,97125 . If no entry is required, select "No Entry" for the account titles and enter of or the amounts. Credit occount tities are automatically indented when the amount Is entered. Do not indent manually. Lst all debit entries before credit entriec) No. (a) 1. Account Titles and Explanation Debit 2. (b) 1. 2