On lunuary 1 a020. Smeet company maires the two tollowing acquivitions. 1. Purchasei land having a fair value of 5270,000 by is suing a 5 year, tero interest bearing promiscory note in the face amouint of 3472532 2. Purchased equipment by issuing a 74.8 year promissory note having a matisity value of $360000 (intereat payable annually: The compary has to pay 120 interest for funds from its bank (a) Record the two jourrat entries that should bo recorded by Sweet Comgany for the two purchases on January 1,2020. (b) Rocord the interest at the end of the first yoar on both notes using the effective interest methad: Round present vulue foctor calculations to 5 decimal placesteg. 1.25124 and the finat answer to 0 decimal places e. 58,972. If no entry is reguired, select "No Entry" for the account titles and enter O for the amounts, Credit account titles are autamutically indented whien antesht is entered. Do not indent manually (b) Becember 1. 31,2020 Intereit Expense 32400 Discount on Notes Pryable 2. Bncember Interest Enpense Notts Parabse Cash On lunuary 1 a020. Smeet company maires the two tollowing acquivitions. 1. Purchasei land having a fair value of 5270,000 by is suing a 5 year, tero interest bearing promiscory note in the face amouint of 3472532 2. Purchased equipment by issuing a 74.8 year promissory note having a matisity value of $360000 (intereat payable annually: The compary has to pay 120 interest for funds from its bank (a) Record the two jourrat entries that should bo recorded by Sweet Comgany for the two purchases on January 1,2020. (b) Rocord the interest at the end of the first yoar on both notes using the effective interest methad: Round present vulue foctor calculations to 5 decimal placesteg. 1.25124 and the finat answer to 0 decimal places e. 58,972. If no entry is reguired, select "No Entry" for the account titles and enter O for the amounts, Credit account titles are autamutically indented whien antesht is entered. Do not indent manually (b) Becember 1. 31,2020 Intereit Expense 32400 Discount on Notes Pryable 2. Bncember Interest Enpense Notts Parabse Cash