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On January 1, 2020, Headland Company makes the two following acquisitions. Purchases land having a fair value of $250,000 by issuing a 5-year, zero-interest-bearing promissory note in the face amount of $421,265. 1. Purchases equipment by issuing a 6%, 9-year promissory note having a maturity value of $380,000 (interest payable annually). 2. The company has to pay 11% interest for funds from its bank. (a) Record the two journal entries that should be recorded by Headland Company for the two purchases on January 1, 2020. (b) Record the interest at the end of the first year on both notes using the effective-interest method. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to O decimal places e.g. 58,971. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Credit Debit No. Date (a) 1 250000 Land January 1, 2020 Discount on Notes Payable 171265 421265 Notes Payable Equipment 285241 2. January 1, 2020 Discount on Notes Payable 94759 380000 Notes Payable (b) 1. December 31, 2020 Interest Expense 27500 Discount on Notes Payable 27500 Interest Expense 31377 2. December 31, 2020 Discount on Notes Payable 8577 22800 Interest Payable