On January 1, 2022. Coronado AG makes the two following acquisitions. 1. Purchases land having a fair value of 0370.000 by issuing a 4-year, zero-interest-bearing promissory note in the fact amount of 561,686. 2. Purchases equipment by issuing a 7%, 8-year promissory note having a maturity value of 550,000 linterest 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 Coronado AG for the two purchases on January 1, 2022. Record the interest at the end of the first year on both notes. (b) (Round present value factor calculations to 5 decimal places, eg. 1.25124 and the final answer to decimal places es 58,971. If no entry ba required, select "No Entry" for the account titles and enter for the amounts Credit account titles are automatically indented when amount entered. Do not indent manually Cound present at foco cultion to decimal places 1.25124 and the final answer to decin SA ... no entry required select "entry for the account titles and enter for the amounts. Clitoccount titles are automatically indented when amount is ented. Do not inden man No. Date Credit Account Titles and Explanation Debit a) 1. January 1 2022 2 January 1, 2002 h) December 1. 31, 2022 December 2 2 31, 2022 L