On January 1,2022 , Marigold AG makes the two following acquisitions. 1. Purchases land having a fair value of 270,000 by issuing a 5-year, zero-interest-bearing promissory note in the face arnount of 475,832. 2. Purchases equipment by issuing a 7\%,8-year promissory note having a maturity value of 360,000 (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 Marigold 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 71.25124 and the final answer to 0 decimal places e 7.58,971. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account tittes are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation (a) January 1, 1. 2022 Discount on Notes Payable \begin{tabular}{l} Debit Credit \\ \hline 270000 \end{tabular} 2. January 1 , 475832 (b) December 1. 31,2022 2. Decernber 31,2022