On January 1,2020 , Bramble Company makes the two following acquisitions. 1. Purchases land having a fair value of $150,000 by issuing a s-year, zero-interest-bearing promissory note in the face amount of $252,759. 2. Purchases equipment by issuing a 6%. 9 - vear promissory note having a maturity value of $180,000 finterest payable anrually). The company has to pay 11% interest for funds from its bank: (a) Record the two journat entries that should be recorded by Bramble 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. No. Date Account Titles and Explanation (a) January 1 . 1. 2020 Land Debit Credit Discount on Notes Payable 150000 Notes Payable 102759 Notes Payable 252759 2. January 1 , Equipment Discount on Notes Payable Notes Payable (b) December 1. 31.2020 Interest Expense 16500 Discount on Notes Paykble 2. December 31,2020 Intecest Gupenst Oiscount an Notes Pavable 10000 Cash