On January 1. 2025, Blossom Company makes the two following acquisitions. 1. Purchases land having a fair value of $310,000.00 by issuing a 4-year, zero-interest-bearing promissory note in the face amount of $470,602. 2. Purchases equipment by issuing a 6%,9-year promissory note having a maturity value of $460,000,00 (interest payable annually). The company has to pay 11% interest for funds from its bank. Click here to view factor tables. (a) Record the two journal entries that should be recorded by Blossom Company for the two purchases on January 1,2025. (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 2 decimal ploces, eg. 58, 971.25. If no entry is required, select "No Entry" for the occount titles and enter of for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) \begin{tabular}{ll|l|} \hline \multicolumn{1}{c}{ Date } & Account Titles and Explanation & Debit \\ \hline January 1.2025 & Lind & 310000 \\ \hline Discount on Notes Payable & 160602 \\ \hline & Notes Payable \end{tabular} Interest Expenso) Discount on Notes Payable Interest Expense Discount on Notes Payable Interest Revenue