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

$1.$ Purchases land having a fair market value of $$820,000$ by issuing a $5-$year, zero$-$interest$-$bearing promissory note in the face amount of $$1,261,672.$

$2.$ Purchases equipment by issuing a $4\%,9-$year promissory note having a maturity value of $$350,000($Interest payable annually on January $1).$

The company has to pay $9\%$ interest for funds from its bank.

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