Hinson Manufacturing Inc. entered into two transactions, as follows: 1. Purchased equipment paying $19,600 at the date of purchase and signing a noninterest-bearing note requiring the balance to be paid in five annual installments of $19,600 on the anniversary date of the contract. Based on Hinson Manufacturing's 8% borrowing rate for such transactions, the implicit interest cost is $19,743. 2. Purchased a tract of land in exchange for $11,400 cash that was paid immediately and signed a noninterest-bearing note requiring six $11,400 annual payments. The first annual payment of the note is due in one year. The fair value of the land is $64,400. 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 Record the noninterest bearing note payable for the purchase of equipment for which $19,600 paid as down payment and balance to be paid in five annual installments $19,600. The company's implicit interest cost based on its 8% borrowing rate is $19,743. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal View transaction list Journal entry worksheet Record the noninterest bearing note payable for the purchase of a tract of land with a fair value of $64,400 in exchange for $11,400 cash that was paid immediately and balance to be paid in six annual installments of $11,400. The first annual payment of the note is due in one year. Note: Enter debits before credits. Transaction General Journal Debit Credit 2 Record entry Clear entry View general journal