On January 1, 2020, Riverbed 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 amount of $404,414. 2. Purchases equipment by issuing a 6%,9-year promissory note having a maturity value of $390,000 (interest payable annually). The company has to pay 11% interest for funds from its bank. (a) Record the two journal entries that should be recorded by Riverbed 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, e.g. 1.25124 and the final answer to 0 decimal places e.g. 58,971. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit (a) January 1 , Land 1. 2020 240000 Discount on Notes Payable Notes Payable 2. January 1 , Equipment Discount on Notes Payable Notes Payable (b) December Interest Expense 1. 31,2020 Discount on Notes Payable 2. December Interest Expense Discount on Notes Payable Interest Payable