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

Purchases land having a fair value of $$310,000\mathrm{.}00$ by issuing a $4-$year, zero$-$interest$-$bearing promissory note in the face

amount of $$470,601\mathrm{.}79.$

Purchases equipment by issuing a $6\%,9-$year promissory note having a maturity value of $$340,000\mathrm{.}00($interest payable

annually$).$

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

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$($a$)$ Record the two journal entries that should be recorded by Crane 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.