pls answer all incorrect questions

1. On January 1, 2020, Waterway Company makes the two following acquisitions. Purchases and having a fair value of $360,000 by issuing a 5-year, zero-interest-bearing promissory note in the face amount of $606,621 Purchases equipment by issuing a 7%, 8-year promissory note having a maturity value of $560,000 (interest payable annually). 2 The company has to pay 11% interest for funds from its bank. Record the two journal entries that should be recorded by Waterway 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, es. 1.25124 and the final answer to decimal places eg. 58,971. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit (a) January 1 Land 360000 No. 1 2020 Discount on Notes Payable 246621 Notes Payable 606621 2. January 1, 2020 Equipment 39600 Discount on Nos Payable 246621 Notes Payable 606621 2. January 1, 2020 Equipment 39600 Discount on Notes Payable 39600 Notes Payable 444729 (b) 1. December 31, 2020 115271 Interest Expense Discount on Notes Payable Interest Expense 560000 2 December 31, 2020 48920 Discount on Notes Payable 9720 Cash 39200