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Presented below are two independent situations: (a) On January 1, 2017, Stellar Inc. purchased land that had an assessed value of $321,000 at the time of purchase. A $561,000, zero-interest-bearing note due January 1, 2020, was given in exchange. There was no established exchange price for the land, nor a ready fair value for the note. The interest rate charged on a note of this type is 12%. Determine at what amount the land should be recorded at January 1, 2017, and the interest expense to be reported in 2017 related to this transaction. (Round answers to 0 decinal places, e.g. 38,548.) Land to be recorded at January 1, 2017 Interest expense to be reported (b) On January 1, 2017, Pearl Furniture Co. borrowed $5,600,000 (face value) from Gary Sinise Co., a major customer, through a zero-interest-bearing note due in 4 years. Because the note was zero-interest-bearing, Pearl Furniture agreed to sell furniture to this customer at lower than market price. A 8% rate of interest is normally charged on this type of loan. Prepare the journal entry to record this transaction. (Round answers to 0 decimal places, e.g. 38,548. 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 annount is entered. Do not indent manually.)