On January 1, 2020. Flint Company makes the two following acquisitions. 1. Purchases land having a fair value of $240,000 by issuing a 5 -year, zero-interest-bearing promissory note in the face amou of $404,414. 2. Purchases equipment by issuing a 6%,9-year promissory note having a maturity value of $390,000 (interest payable annualy). The company has to pay 11% interest for funds from its bank. (a) Record the two journal entries that should be recorded by Flint Company for the two purchases on January 1,2020. (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, eg. 1.25124 and the final answer to 0 decimal places es. 58,971 . If no entry is required, select "No Entry" for the occount titles and enter of for the amounts. Credit occount titles are automatically indented when amount is entered. Do not indent manually.) \begin{tabular}{|l|} \hline 240000 \\ \hline 164414 \\ \hline \end{tabular} January 1. Equipment 2020 Discount on Notes Payable (b) December 1. 31,2020 2. December 31,2020