On January 1,2022 , Flint AG makes the two following acquisitions. 1. Purchases land having a fair value of 370,000 by issuing a 4-year, zero-interest-bearing promissory note in the face amount of 561,686. 2. Purchases equipment by issuing a 7\%, 8-year promissory note having a maturity value of 550,000 (interest 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 Flint AG for the two purchases on January 1, 2022. (b) Record the interest at the end of the first year on both notes. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to 0 decimal places e.g. 58,971 . If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Notes Payable 2. January 1 , Equipment \begin{tabular}{|l|} \hline 550000 \\ \hline \end{tabular} Notes Payable \begin{tabular}{|} \hline 50000 \\ \hline \end{tabular} (b) December 1. 31,2022 Interest Expense 40,700 Notes Payable 2. December Interest Expense Notes Payable Cash