Please explain/show how you get your answer.

Exercise 14-16 On January 1, 2017, Nash Company 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 amount of $475,832. 2. Purchases equipment by issuing a 7%, 8-year promissory note having a maturity value of $360,000 (interest payable annually on January 1). The company has to pay 12% interest for funds from its bank. (a) Record the two journal entries that should be recorded by Nash Company for the two purchases on January 1, 2017 (b) Record the interest at the end of the first year on both notes using the effective-interest method. s decimal dlad when amount is en (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 O for the Do to amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) n entered. No. Date Account Titles and Explanation Debit Credit (a) 1. January 1, 2017 2. January 1, 2017 (b) 1. December 31, 2017 2. December 31, 2017 List Of Accounts Exercise 14-16 Accumulated Depreciation-Equipment Accumulated Depreciation-Machinery Allowance for Doubtful Accounts Bad Debt Expense Bond Issue Expense Bonds Payable Buildings Cash Common Stock Debt Investments Depreciation Expense Discount on Bonds Payable Discount on Notes Payable Discount on Notes Receivable Equipment Equity Investments Gain on Disposal of Machinery Gain on Disposal of Land Gain on Disposal of Plant Assets Gain on Redemption of Bonds Gain on Restructuring of Debt Gain on Sale of Machinery Interest Expense Interest Payable Interest Receivable Interest Revenue Land Loss on Disposal of Land Loss on Redemption of Bonds Machinery Mortgage Payable No Entry Notes Payable Notes Receivable Paid-in Capital in Excess of Par - Common Stock Paid-in Capital in Excess of Par - Preferred Stock Premium on Bonds Payable Sales Revenue Unamortized Bond Issue Costs Unearned Revenue Unearned Sales Revenue Unrealized Holding Gain or Loss - Income