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Exercise 14-16 Your answer is partially correct. Try again. 1, 2017, Windsor Company makes the two following acquisitions 1. Purchases land having a fair value of $250,000 by issuing a 5-year, zero-interest-bearing promissory note in the face amount of $421,265 2. Purchases equipment by issuing a 6%, 9-year promissory note having a maturity value of $380,000 (interest payable annually on January 1). The company has to pay 11% interest for funds from its bank. (a) Record the two journal entries that should be recorded by Windsor Company for the two purchases on January 1, 2017 (b) Record the interest at the end of the first year on both notes using the effective-interest method. (Round present value factor caiculations to 5 decimal places, e.g. 1.25124 and the final answer to 0 decimal places e.g. 58,971. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit (a) 1. January 1, 2017 land Discount on Notes Payable 17126 notes payable 421265 2. January 1, 2017 274786.7 Discount on Notes Payable 105213.2 Notes Payable 380000 (b) 1. December 31, 201 t Expense Discount on Notes Payable 2. December 31, 201 Interest Expense 27500 Discount on Notes Payable S3026.54 Interest Payable 27500 Click if you would like to Show Work for this question: Open Show Work