On Jamury 1, 2025, Sandhill Compary makes the two following acquisitions. 1. Purchases land havirg a fair value of $360,000.00 by issuing a 4-year, zero-interest-bearing promissory note in the face amount of 3566,467 2. Purchases equipment by lssuing a 7\%, 9-year promissory note having a maturity value of $520,000.00 (interest payable annually). The company has to pay 12\% interest for funds trom its bank. Click here to viewfactor tables. (a) Record the two joumal entries that should be recorded by Sandiill Company for the two purchases on Jaraary 1, 2025. (b) Record the interest at the end of the first year on both notes using the effective interest method. (Round present value foctar calculations to 5 decimal ploces, es, 1.25124 and the final onswer to 2 decimal ploces, es. 58,971.25. Jf no entry is required, select "No Entry" for the account tities and enter O for the amounts. Credit occount tities are autonolicolly indented when the emount Is entered, Do not indent manualiy List all debit entries before credit entries.) thound present valie foctor calailtione to 5 dechel ploces es. 1.25124 and the find answes to 2 dedinol ploces, es. 58,971.25. I no entry is is enternd. Do not hident menualys Lht all debit entries before credt erierlesd eTextbook and Media List of Accounts Save for tater Attempts: 0 of 3 used MacBook Air