On January 1, 2020, Flint Corporation acquired the following properties:

1.		Investment property consisting of land and an apartment building in Toronto for $1.5 million. To finance this transaction, FlintCorporation issued a five-year interest-free promissory note to repay $2,307,941 on January 1, 2025.
2.		Vacant land in Rome, Italy for $5 million. To finance this transaction, Flint Corporation obtained a 8% mortgage for the full purchase price, secured by the land, with a maturity date of January 1, 2030. Interest is payable annually. If Flint Corporation borrowed this money from the bank, the company would need to pay 9% interest.

Record the interest at the end of the first year on both instruments using the effective interest method. (Round answers to 0 decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)