On January 1,2025 , Ivanhoe Company makes the two following acquisitions. 1. Purchases land having a fair value of $160,000.00 by issuing a 4 -year, zero-interest-bearing promissory note in the face amount of $251,763. 2. Purchases equipment by issuing a 7%,8-year promissory note having a maturity value of $270,000.00 (interest payable annually). The company has to pay 12% interest for funds from its bank. Click here to view factor tables. (a) Record the two journal entries that should be recorded by ivanhoe 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. Discount on Notes Payable Notes Payable 11.2025 Interest Expense Discount on Notes Payable 11. 2025 Interest Expense Equipment Discount on Notes Payable Notes Payable Interest Expense Discount on Notes Payable Interest Expense Discount on Notes Payable Cash