On January 1, 2015, McLean Company makes the two following acquisitions.

1.	Purchases land having a fair value of 300,000 by issuing a 5-year, zero-interest-bearing promissory note in the face amount of 505,518.
2.	Purchases equipment by issuing a 6%, 8-year promissory note having a maturity value of 400,000 (interest payable annually).

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

Record the two journal entries that should be recorded by McLean Company for the two purchases on January 1, 2015.(Credit account titles are automatically indented when the amount is entered.Do not indent manually. For calculation purposes, use 5 decimal places as displayed in the factor table provided and round final answers to 0 decimal places, e.g. 5,275.If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)