On January 1, 2025, Sandhill Company makes the two following acquisitions. 1. Purchases land having a fair value of $320,000.00 by issuing a 4-year, zero-interest-bearing promissory note in the face amount of $485,782 2. Purchases equipment by issuing a 6%,9-year promissory note having a maturity value of $360,000.00 (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 Sandhill 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 foctor calculations to 5 decimal ploces, es. 1.25124 and the final answer to 2 decimol places, e.9. 58.971 .25 . If no entry is required, select "No Entry" for the occount titles and enter Of for the amounts. Credit occount titles ore automatically indented when the amount is entered. Do not indent manuolly. List all debit entries before credit entries.). ite Account Titles and Explanation Debit Credit Land Discount on Notes Payable 165782 Notes Payable 485782 2025 Equipment Discount on Notes Payable Notes Payable 360000 1,2025 Interest Expense \begin{tabular}{|l|} \hline35200 \\ \hline \end{tabular} Discount on Notes Payable 35200 1.2025 Interest Expense Discount on Notes Payable Cash