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 5 -year, zero-interest-bearing promissory note in the face amount of $257,682. 2. Purchases equipment by issuing a 7%,8-year promissory note having a maturity value of $230,000,00 (interest payable annually). The company has to pay 10% 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 ye hon both notes using the effective-interest method. (Round present value foctor calculations to 5 decimal places, es. 1.25124 and the final answer to 2 decimal places, es. 58,971.25. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit occount titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.)