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

Purchases land having a fair value of $$150,000.00$ by issuing a $5-$year, zero$-$interest$-$bearing promissory note in the face amount of $$252,758\mathrm{.}70.$

Purchases equipment by issuing a $6\%,9-$year promissory note having a maturity value of $$180,000\mathrm{.}00($interest payable annually$).$

The company has to pay $11\%$ interest for funds from its bank.

Click here to view factor tables.

$($a$)$ Record the two journal entries that should be recorded by Blossom Company for the two purchases on January $1,2025.$

$($b$)$ Record the interest at the end of the first year on both notes using the effective$-$interest method.

$($Round present value factor calculations to $5$ decimal places, e$.$g$.1\mathrm{.}25124$ and the final answer to $2$ decimal places, e$.$g$.58,971\mathrm{.}25.$ 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 the amount is entered. Do not indent manually. List all debit entries before credit entries.$)$

No$.$

Date

Account Titles and Explanation

Debit