On January 1, 2013, McLean Company makes the two following acquisitions.

1. Purchases land having a fair value of $327,000 by issuing a 4-year, zero- interest bearing promissory note in the face amount of $478,761.

2. Purchases equipment by issuing a 7%, 8-year promissory note having a maturity value of $592,000. (interest payable annually)

The company has to pay 10% interest for funds from its bank.

A. Record the two journal entries that should be recorded by McLean Company for the Two purchases on January 1, 2013

B. Record the interest at the end of te first year on both ntoes using the effective-interest method.

THIS IS WHAT I HAVE SO FAR. PLEASE HELP ME FIGURE THE OTHER JOURNAL ENTRIES!!!

A. 1. Land- $327,000 DEBIT

Discount Notes Payable $151,761 DEBIT

Notes Payable $478,761 CREDIT

2. ___________ $___________

___________ $___________

___________ $___________

B. 1. Interest Expense $32,700 DEBIT

Dicount Notes Payable $32,700 CREDIT

2. ____________ $___________

____________ $___________

____________ $___________

(If I have eithor of the two journal entries I did wrong, please let me know. I appreciate any and all help with these journal entries and calculations) Thank you!