On January 1, 2025, Cullumber Company makes two following acquisitions, 1- Purchases land having a fair value of $260000 by issuing a 5-year, zero-interest-bearing promissory note in face amount of $458209. 2- Purchases equipment by issuing a 6%, 9-year promissory note having a maturity value of $410000 (interest payable annually). The Company has to pay 12% interest for funds from its bank. (a)- Record the two journal entries that should be recorded by Cullumber Company from 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.