Presented below are two independent situations: (a) On January 1, 2020, Sage Inc. purchased land that had an assessed value of $370,000 at the time of purchase. A $579,000, zero- interest-bearing note due January 1, 2023, was given in exchange. There was no established exchange price for the land, nor a ready fair value for the note. The interest rate charged on a note of this type is 12%. Determine at what amount the land should be recorded at January 1, 2020, and the interest expense to be reported in 2020 related to this transaction. (Round answers to O decimal places, e.g. 38,548.) Land to be recorded at January 1, 2020 $ Interest expense to be reported $ (b) On January 1, 2020, Pronghorn Furniture borrowed $3,900,000 (face value) from Sinise Co., a major customer, through a zero- interest-bearing note due in 4 years. Because the note was zero-interest-bearing, Pronghorn Furniture agreed to sell furniture to this customer at lower than market price. A 9% rate of interest is normally charged on this type of loan. Prepare the journal entry to record this transaction. (Round answers to O decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)