On January $1,2025,$ Blossom Company makes the two following acquisitions.

Purchases land having a fair value of $$150,000\mathrm{.}00$ by issuing a $5-$year, zero$-$interest$-$bearing promissory note in the face amount of $$252,758\mathrm{.}70.$

Purchases equipment by issuing a $6\%,9-$year promissory note havine a maturity value of $$180,000.00($interest payable annually$).$

The company has to pay $118$ interest for funds from its bank.

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Record the two journal entries that should be recorded by Blossom Company for the two purchases on January $1.2025.$

Record the interest at the end of the first vearon both notes using the effectye finterest thethod: required select $"$No Entry" for the account bidies ond enter o for the amounts Gredit account aites are autanaticaly inclented when the arnount is entered Do not indent mancually: List all debit entries hefore aredt equhtest

No$.$

$($a$)$

$1.$

$2.$

$16$

$2.$

Date

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Account Titles and Explanation

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