on january $1,2020.$wildhorse company makes the two following acquisition$\mathrm{.}1)$ purchase land having a fair value of $$290,000$ by issuing a $4$year, zero interest bearing promissory note in the face amount of $$440,240.2)$ purchase equipment by issuing a $6\%,8$year promissory note having a maturity value of $$430,000($interest payable annually$)$ the company has to pay $11\%$ interest for funds from its bank. Record the two journal entries on january $1,2020$ and record interest at the end of the first year on both notes using effective interest method